Home Equity Loans definition
Home Equity Loans means loans or funded portions of lines of credit secured by mortgages on one-to four-family residences or stock of cooperative housing associations, where the Failed Bank did not have a first lien on the same property as collateral.
Home Equity Loans. Such of the home equity loans transferred and assigned to the Trust pursuant to Section 3.05(a) hereof, together with any Qualified Replacement Mortgages substituted therefor in accordance with this Agreement, as from time to time are held as a part of the Trust Estate, the Home Equity Loans originally so held being identified in the Schedules of Home Equity Loans. The term "Home Equity Loan" includes the terms "First Mortgage Loan" and "Second Mortgage Loan". The term "Home Equity Loan" includes any Home Equity Loan which is Delinquent, which relates to a foreclosure or which relates to a Property which is REO Property prior to such Property's disposition by the Trust. Any home equity loan which, although intended by the parties hereto to have been, and which purportedly was, transferred and assigned to the Trust by the Depositor, in fact was not transferred and assigned to the Trust for any reason whatsoever, including, without limitation, the incorrectness of the statement set forth in Section 3.04(b)(x) hereof with respect to such home equity loan, shall nevertheless be considered a "Home Equity Loan" for all purposes of this Agreement.
Home Equity Loans. The Conduit Home Equity Loans and/or the Seller Home Equity Loans, as applicable, together with any Qualified Replacement Mortgages substituted therefor in accordance with this Agreement, as from time to time are held as a part of the Trust Estate. Where applicable, the term “Home Equity Loan” includes (i) the terms “First Mortgage Loan” and “Second Mortgage Loan”, and (ii) any Home Equity Loan which is Delinquent, relates to a foreclosure or relates to a Property which is REO Property prior to such REO Property’s disposition by the Trust. Any home equity loan which, although intended by the parties hereto to have been, and which purportedly was, transferred and assigned to the Trust by the Depositor, in fact was not transferred and assigned to the Trust for any reason whatsoever, including, without limitation, the incorrectness of the statement set forth in Section 3.04(b)(x) hereof with respect to such home equity loan, shall nevertheless be considered a “Home Equity Loan” for all purposes of this Agreement.
Examples of Home Equity Loans in a sentence
The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement.
The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans.
This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement.
The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date.
In addition, under certain circumstances relating to the qualification of any REMIC hereunder as a REMIC under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates.
More Definitions of Home Equity Loans
Home Equity Loans has the meaning set forth in the first WHEREAS clause in the Recitals hereof.
Home Equity Loans means those home equity loans listed on Schedule 2 hereto.
Home Equity Loans. The home equity loans that are transferred and assigned ----------------- to the Trustee pursuant to Sections 2.01 and 2.06, together with the Related Documents, exclusive of Home Equity Loans that are transferred to the Depositor, the Servicer or the Seller, as the case may be, from time to time pursuant to Section 2.02, 2.04, or 3.17, as from time to time are held as a part of the Trust, such Home Equity Loans originally so held being identified in the Home Equity Loan Schedule delivered on the Closing Date. The term "Home Equity Loan" includes the term "Fixed Rate Loan," "ARM," and, except where otherwise indicated, "Eligible Substitute Home Equity Loan." The term "Home Equity Loan" includes any Home Equity Loan which is delinquent, which relates to a foreclosure or which relates to a Mortgaged Property which is REO Property prior to such Mortgaged Property's disposition by the Trust. Any home equity loan which, although intended by the parties hereto to have been, and which purported was, transferred and assigned to any Trust established hereby by the Depositor, in fact was not transferred and assigned to such Trust for any reason whatsoever shall nevertheless be considered a "Home Equity Loan" for all purposes of this Agreement.
Home Equity Loans shall refer to the mortgage loans secured by first or second liens on single family residential real property (including, without limitation, condominiums and planned unit developments) certain documents relating to which have been delivered to the Custodian pursuant to the Custodial Agreement.
Home Equity Loans. The Trust is comprised primarily of three pools of mortgage loans. The first pool of loans ("Pool 1 Loans") will back the Class A-1 Notes, in that payments on the Pool 1 Loans will generally be used to make payments on the Class A-1 Notes. Similarly, the second pool of loans ("Pool 2 Loans") will back the Class A-2 Notes and the third pool of loans ("Pool 3 Loans") will back the Class A-3
Home Equity Loans will have an original Loan Balance of less than $____; (viii) such Subsequent Home Equity Loans will have a weighted average Coupon Rate of at least ____%; (ix) such Subsequent Home Equity Loans will have a weighted average original Loan-to-Value Ratio of not more than ___%; (x) at least ____% of such Subsequent Home Equity Loans shall be six-month adjustable rate loans; (xi) such Subsequent Home Equity Loans will have a weighted gross average margin of no less than ___%; and (xii) none of such Subsequent Home Equity Loans shall be balloon loans. In addition, the Subsequent Home Equity Loans with respect to the Adjustable Rate Group and the final pool of Home Equity Loans in the Adjustable Rate Group shall conform to the requirements in the Insurance Agreement.
Home Equity Loans. Such of the home equity loans the Trust Balances of which have been sold and assigned to the Trustee pursuant to Section 2.01 as from time to time are held as a part of the Trust Fund, the Home Equity Loans originally so held being identified in the Home Equity Loan Schedule. When used in respect of any Distribution Date, the term Home Equity Loans shall mean all Home Equity Loans (including those in respect of which the Trust Fund has acquired the related Mortgaged Property) that (a) have not been prepaid in full prior to the related Collection Period, (b) did not become Liquidated Home Equity Loans prior to such related Collection Period and (c) were not repurchased by the Master Servicer prior to such related Collection Period.