1995-152 - Laserfiche WebLink

Home Browse Search

-- Int.e+rest Rates on t_he Series* A Mort,;age Loans"), (ii) shall provide" lot level monthly payments of principal and interest due the first day of each me,nth (which payment shall be accompanied by amounts for deposit in an escrow account to provide for timely payment of taxes and insurance), (iii) shall have an original term of not to exceed 360 months, unless otherwise approved by the Servicer, (iv) shall be assumable only under the terms and conditions set tort.h in the Origination Agreement, (v) shall comply in all respects with the Program Documents, the GNMA Guide, the Fannie Mae Guides, the Lender's Guide and FHA, VA, RECD or PMI Insurer's rules and regulations, as applicable, (vi) shall be in a principal amount not exceeding such amount as conforms to the eligibility and credit underwriting standards specified herein and the application limitations of FHA or VA, as applicable, the Program Documents, the Lender's Guide, the GNMA Guide and the Fannie Mae Guides, and (vii) shall be the subject of a mortgagee's title insurance policy. See "THE PROGRAM -- Insurance" herein for a discussion of the insurance requirements under the Program. Pursuant to the terms of the Origination Agreement, the Servicer will purchase Series A Mortgage Loans originated by Participants which are submitted to the Servicer and which are in compliance with all the terms and conditions of the Origination Agreement to the extent funds are available in the Series A Acquisition Fund for the purchase of Series A Mortgage Certificates. The Servicer shall pay to the Participants, for each Series A Mortgage Loan a purchase price as described below under the subheading "Interest Rates on the Series A Mortgage Loans." Only Series A Mortgage Loans submitted in accordance with the requirements of the Origination Agreement will be purchased by the Servicer on any Purchase Date, subject to availability of Series A Mortgage Loans for purch;ire .in amounts sufficient to form a Series A Mortgage Certificate. Interest. Rates on the Series A Mortgage Loans Each Series, A Mortgage Luan will bear interest at: a rate of 6.65b per annum, unless the Mortgagor elects to ente-r into a Series A Mortgage Loan at a higher rate described below. In connection with Serir�s3 A Mortgage Loans which b—a r interest at a higher rate describFtd below, the Servicet will pay to the Participant an Addit ic.t,,tl price for purchase of such Series A Mortgage Loan as 1<>srx iL. rl in the table below. such additional purchase price is to )•e utilized to pay the discount ter and origination fee otherwise ,�-QQuuired to be paid by the. Mortgagor, and any excess may be used to t ed closing costs or downpaya►Pttt of the Mortgagor in ac=rdanc* with applicable guidelines of GUMA, i'MA, VA. ROM and PINK. The ,,:.., , ..:. interest on ouch Serie* A Mortgage Loan above the sus of the s., :- -up, Pate, tr,r. ...r.,: inq fee and the 0� of FNM guaranty ,: A *.I! I laeatlnq lnter+at at a tate of f .-,%,. r .: i . + ., ' � Yi+r l e'er m ari Ilac+ae ai. t v s : • .t 41teetedter 441fe94 .-:a. % servI -r rill