Wet Loans means an Eligible Mortgage Loan for which the required loan documents included in the mortgage file have not yet been delivered to the Mortgage Loan Custodian.
Wet Loans means Eligible Mortgage Loans which are included in the Borrowing Base, but for which the Required Mortgage Documents have not been delivered to Lender.
Wet Loans is defined in Section 2.3(c).
Examples of Wet Loans in a sentence
Seller agrees to repurchase from Buyer, on the same Business Day of discovery, any Undocumented Loans or Wet Loans that were previously subject to a Transaction that do not close for any reason including, but not limited to, a Rescission.
Such Transaction Notice shall clearly indicate those Loans that are intended to be Conforming Loans, Jumbo A Credit A Loans, USAA Loans, Undocumented Loans, Wet Loans and Dry Loans and include a Loan Schedule in respect of the Eligible Loans that Seller proposes to include in the related Transaction.
More Definitions of Wet Loans
Wet Loans means Loans the proceeds of which are used to originate Wet Mortgage Loans.
Wet Loans means the Mortgage Loans purchased pursuant to an Assignment in which the Sellers shall sell to the Administrative Agent for the benefit of the Purchasers, from the Purchase Date of each Wet Purchase, the Mortgage Loans identified in Schedule II to said Assignment.
Wet Loans. With respect to Wet Loans, during the days of each calendar month shown in the first column below, the aggregate Asset Value of all Mortgage Loans that are Wet Loans shall not exceed the percentage of the Maximum Purchase Price shown in the same row of the second column: During these days each month Wet Loans’ maximum percentage of Maximum Purchase Price first [***] and last [***] [***]% any other day [***]% Sublimits:
Wet Loans means Eligible Mortgage Loans and Eligible Lot Loans which are included in the Borrowing Base, but for which the Required Mortgage Documents have not been delivered to Lender."
Wet Loans. Funded and closed mortgage loans which by their terms would qualify as Eligible Loans but for the fact that full and complete documentation has not been received by the Custodian ("Wet Loans"). The funding of Wet Loans will at all times be subject to the requirements set forth under "Wet Loan Advance Requirements" below.
Wet Loans shall have the meaning set forth in Section A-6 of Exhibit A.
Wet Loans means Loans the proceeds of which are used to originate Wet Mortgage Loans which are pledged to the Custodian pursuant to Section 2.1 (III) hereof.