Jumbo Mortgage Loan means a Mortgage Loan that would otherwise be a Conforming Mortgage Loan secured by a first Lien Mortgage except that the original principal amount is more than the maximum Agency loan amount but not more than One Million Dollars ($1,000,000).
No Mortgage Loan has: (1) an outstanding principal balance less than $_____; (2) an origination date earlier than __ months prior to the related Cut-off Date; (3) a FICO Score of less than ___; or (4) a debt-to-income ratio of more than ___%. Each Mortgage Loan has a Mortgage Interest Rate of at least ___% per annum and an outstanding principal balance of less than $______. Each Adjustable Rate Mortgage Loan has an Index of [______]. EXHIBIT C TO ASSIGNMENT AND CONVEYANCE AGREEMENT UNDERWRITING GUIDELINES Exhibit H EXHIBIT H UNDERWRITING GUIDELINES Exhibit I EXHIBIT I FORM OF ASSIGNMENT AND RECOGNITION AGREEMENT THIS ASSIGNMENT AND RECOGNITION AGREEMENT, dated [____________ __, 20__] ("Agreement"), among Morgan Stanley Mortgage Capital Inc. ("Assignor"), [____________________] ("Xsxxxxxx") and [SELLER] (the "Company"): For and in consideration of the sum of TEN DOLLARS ($10.00) and other valuable consideration the receipt and sufficiency of which hereby are acknowledged, and of the mutual covenants herein contained, the parties hereto hereby agree as follows:
Blanket Mortgage The mortgage or mortgages encumbering the Cooperative Property.
REO Mortgage Loan Any Mortgage Loan which is not a Liquidated Loan and as to which the indebtedness evidenced by the related Mortgage Note is discharged and the related Mortgaged Property is held as part of the Trust Estate.
Existing Mortgage has the meaning specified in Section 5.02(a)(vi).
Park Monaco Mortgage Loans The Mortgage Loans identified as such on the Mortgage Loan Schedule for which Park Monaco is the applicable Seller.
Fee Mortgage Any mortgage, pledge agreement, security agreement, assignment of leases and rents, fixture filing or similar document creating or evidencing a lien on Landlord’s interest in the Leased Property or any portion thereof (or an indirect interest therein, including without limitation, a lien on direct or indirect interests in Landlord) in accordance with the provisions of Article XXXI hereof.
First Mortgage means a Mortgage that constitutes a first Lien on the real property and improvements described in or covered by that Mortgage.
Reverse mortgage means a nonrecourse loan under which both of the following apply:
Mortgage shall have the meaning assigned to such term in the recitals.
Existing Mortgages means the Mortgages executed and delivered in connection with the Existing Credit Agreement.
Park Sienna Mortgage Loans The Mortgage Loans identified as such on the Mortgage Loan Schedule for which Park Sienna is the applicable Seller.
Pool 1 Mortgage Loans Any Mortgage Loan in Pool 1.
ARM Mortgage Loan A Mortgage Loan pursuant to which the interest rate shall be adjusted from time to time in accordance with the related Mortgage Note.
First Mortgage Loan means a Mortgage Loan secured by a First Mortgage.
Facility Mortgage As defined in Section 13.1.
FHA Mortgage Insurance means, mortgage insurance authorized under the National Housing Act, as amended from time to time, and provided by the FHA.
Type 1 Mortgage Loan Any of the Mortgage Loans identified in Exhibit F-1 hereto, as such Exhibit may be amended from time to time in connection with a substitution pursuant to Sections 2.02 or 2.06, serviced under the WFHM Servicing Agreement and having a Mid-Month Receipt Period with respect to all types of Unscheduled Principal Receipts.
Second Mortgage means a mortgage from which the proceeds of a loan or other extension of credit made by a third person are secured by a mortgage on the real property for which the mortgagor has used the proceeds of the loan or other extension of credit to pay all or part of the purchase price of the property.
Aircraft Mortgage means that “Aircraft Mortgage” as defined in Section 4.01(e), as the same may be amended, restated, modified, supplemented, extended or amended and restated from time to time.
Primary Mortgage Insurance Insurance obtained from a Primary Mortgage Insurer which insures the holder of a Mortgage Note against loss in the event the related Borrower defaults under such Mortgage Note or the related Security Instrument, including all riders and endorsements thereto.
Leasehold Mortgage means any mortgage, deed of trust, assignment of rents, assignment of leases, security agreement or other hypothecating instrument encumbering Lessee’s interest under this Lease or the leasehold estate in the Premises hereby created, Lessee’s rents and other sums due from any Sublessees, Lessee’s rights under Subleases and any other agreements executed in connection with Lessee’s use or operation of the Premises, or Lessee’s interest in any fixtures, machinery, equipment, Land, Buildings, Improvements or other property constituting a part of the Premises.
: A Mortgage Loan is delinquent" if any payment due thereon is not made by the close of business on the day such payment is scheduled to be due. A Mortgage Loan is "30 days delinquent" if such payment has not been received by the close of business on the corresponding day of the month immediately succeeding the month in which such payment was due, or, if there is no such corresponding day (e.g., as when a 30-day month follows a 31-day month in which a payment was due on the 31st day of such month) then on the last day of such immediately succeeding month. Similarly for "60 days delinquent," "90 days delinquent" and so on.
Ship Mortgage means either the first preferred ship mortgage or first priority statutory mortgage and related deed of covenants, in each case, on each of the Mortgaged Vessels granted by a Mortgaged Vessel Guarantor to the Collateral Trustee and dated on or before the Issue Date or a Vessel Tender Date, as the case may be, as amended from time to time in accordance with the terms of this Indenture and such Ship Mortgages, which in the case of (i) the Greek Ship Mortgage shall be substantially in the form of Exhibit F-1 hereto, (ii) the Maltese Ship Mortgage shall be substantially in the form of Exhibit F-2 hereto, (iii) the Panamanian Ship Mortgage shall be substantially in the form of Exhibit F-3 hereto and (iv) any other Ship Mortgage from time to time established under the terms of any other jurisdiction, including any Ship Mortgage in connection with the transfer or change of flag to a Permitted Flag Jurisdiction, shall be substantially in the form of any of Exhibits F-1, F-2 or F-3 hereto.
Pool 2 Mortgage Loans Any Mortgage Loan in Pool 2.
Group 2 Mortgage Loan Each Mortgage Loan listed on Exhibit D-2 hereto.
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Jumbo Mortgage Loan
A jumbo mortgage loan refers to a type of mortgage loan that exceeds the maximum loan amount set by government-sponsored enterprises (GSEs) such as Fannie Mae and Freddie Mac. These loans are typically used to finance high-value properties or homes in expensive real estate markets. The specific definition of a jumbo mortgage loan may vary depending on the region and the current loan limits set by the GSEs. In the context of the article, a jumbo mortgage loan is defined as a mortgage loan that would otherwise be a conforming mortgage loan secured by a first lien mortgage, except that the original principal amount is more than the maximum agency loan amount but not more than one million dollars ($1,000,000).
Conforming Mortgage Loan
A conforming mortgage loan is a mortgage loan that meets the guidelines and loan limits set by government-sponsored enterprises (GSEs) such as Fannie Mae and Freddie Mac. These loans conform to specific criteria, including loan amount, borrower's creditworthiness, and property type. Conforming mortgage loans are typically easier to qualify for and may offer more favorable terms compared to non-conforming loans. In the context of the article, a jumbo mortgage loan is defined as a mortgage loan that would otherwise be a conforming mortgage loan secured by a first lien mortgage, except that the original principal amount is more than the maximum agency loan amount but not more than one million dollars ($1,000,000).
Agency Loan Amount
The agency loan amount refers to the maximum loan amount set by government-sponsored enterprises (GSEs) such as Fannie Mae and Freddie Mac. These loan limits are established to ensure the stability and liquidity of the mortgage market. The specific agency loan amount may vary depending on factors such as the region and the type of property. In the context of the article, a jumbo mortgage loan is defined as a mortgage loan that would otherwise be a conforming mortgage loan secured by a first lien mortgage, except that the original principal amount is more than the maximum agency loan amount but not more than one million dollars ($1,000,000).
The FICO score is a credit scoring model developed by the Fair Isaac Corporation. It is widely used by lenders to assess a borrower's creditworthiness and determine the terms of a loan. The FICO score is based on various factors, including payment history, credit utilization, length of credit history, types of credit used, and new credit applications. A higher FICO score indicates a lower credit risk and may result in more favorable loan terms. In the context of the article, it is mentioned that no mortgage loan has a FICO score of less than a certain value, but the specific value is not provided.
The debt-to-income ratio (DTI) is a financial metric that compares a borrower's monthly debt payments to their gross monthly income. It is used by lenders to assess a borrower's ability to manage additional debt and make mortgage payments. A lower DTI ratio indicates a lower level of debt relative to income and may increase the likelihood of loan approval. In the context of the article, it is mentioned that no mortgage loan has a debt-to-income ratio of more than a certain percentage, but the specific percentage is not provided.
Mortgage Interest Rate
The mortgage interest rate is the rate at which a borrower pays interest on their mortgage loan. It is determined by various factors, including the borrower's creditworthiness, loan term, loan amount, and prevailing market conditions. The mortgage interest rate is expressed as an annual percentage rate (APR) and affects the overall cost of borrowing. In the context of the article, it is mentioned that each mortgage loan has a mortgage interest rate of at least a certain percentage per annum, but the specific percentage is not provided.
Adjustable Rate Mortgage Loan
An adjustable-rate mortgage (ARM) loan is a type of mortgage loan where the interest rate can change over time. The initial interest rate is typically fixed for a certain period, after which it adjusts periodically based on a specified index. The adjustment frequency and the index used can vary depending on the terms of the loan. ARM loans offer the potential for lower initial interest rates but also carry the risk of future rate increases. In the context of the article, it is mentioned that each adjustable-rate mortgage loan has an index, but the specific index is not provided.
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