![]() ![]() Qualified Mortgage The meaning set forth from time to time in the definition thereof at Section 860G(a)(3) of the Code (or any successor statute thereto) and applicable to the Trust. Related to Safe Harbor Qualified Mortgage In the case of a Mortgage Loan insured, guaranteed, or administered by the VA, all Mortgage Loans insured or guaranteed by the VA except for interest rate reduction refinance loans that do not meet the requirements established by VA for streamlined refinance loans to be safe harbor qualified mortgage loans. In the case of a Mortgage Loan insured, guaranteed, or administered by the FHA, a Mortgage Loan that satisfies the points and fees requirements of the QM Rule and has an annual percentage rate that is equal to or less than the average prime offer rate for a comparable mortgage loan as of the date the interest rate is set by percentage points plus the annual mortgage insurance premium. Except as otherwise provided herein, a Qualified Mortgage with an annual percentage rate that does not exceed the average prime offer rate for a comparable mortgage loan as of the date the interest rate is set by or more percentage points for a first- lien Mortgage Loan or by or more percentage points for a subordinate-lien Mortgage Loan. More Definitions of Safe Harbor Qualified Mortgage With respect to VA loans, a Safe Harbor Qualified Mortgage shall mean all VA loans except for streamline interest rate reduction refinance loans that do not satisfy the requirements under 38 C.F.R. On each Purchase Date hereunder, Seller shall provide to Purchaser a schedule identifying each Related Mortgage Loan as either a Safe Harbor Qualified Mortgage or a Rebuttable Presumption Qualified Mortgage, as applicable. With respect to FHA loans, a Safe Harbor Qualified Mortgage shall mean a Qualified Mortgage with an annual percentage rate that does not exceed the average prime offer rate for a comparable mortgage loan as of the date the interest rate is set by more than percentage points plus the FHA annual premium amount for a first-lien Mortgage Loan. It would have in common with the NCCTB proposal both the ultimate concern and the location of the activity as a connecting nexus (the NCCTB proposal would consider the activity to take place where the company incurs costs). The borrower’s credit history In the interim final rule, VA defines a Safe Harbor Qualified Mortgage as one that meets Ability to Repay requirements, regardless of whether the loan might be considered a high cost mortgage transaction.Ī schedule identifying each Mortgage Loan subject to the proposed Transaction as either a Safe Harbor Qualified Mortgage or a Rebuttable Presumption Qualified Mortgage. The borrower’s credit historyIn the interim final rule, VA defines a Safe Harbor Qualified Mortgage as one that meets Ability to Repay requirements, regardless of whether the loan might be considered a high cost mortgage transaction. Examples of Safe Harbor Qualified Mortgage in a sentence ![]()
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