Obligated Party: Any Originator, Seller, or Prior Owner of a Mortgage Loan.
OCC: Office of the Comptroller of the Currency, its successors and assigns.
Opinion of Counsel: A written opinion of counsel, who may be an employee of the party on behalf of whom the opinion is being given, reasonably acceptable to the Purchaser.
Originator: With respect to any Mortgage Loan, the Person(s) (which may be the Seller, a Prior Owner, a Qualified Correspondent or a Third Party Originator) that (1) took the Mortgagors loan application, (2) processed the Mortgagors loan application, and (3) closed and/or funded the Mortgagors Mortgage Loan.
Outstanding Principal Balance: As to each Mortgage Loan, the unpaid principal balance of such Mortgage Loan as of any date of determination after giving effect to payments of principal received before such date.
Person: Any individual, corporation, partnership, joint venture, association, limited liability company, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof.
Post-Securitization TPR: A post-securitization forensic review to audit loan information and monitor representations and warranties in accordance with Moodys Criteria for Evaluating Independent Third-Party Loan Level Reviews for U.S. Residential Mortgage Backed Securities (RMBS), dated as of October 5, 2009, and additions thereto, including, but not limited to, future updates thereof.
Prepayment Charge: With respect to each Mortgage Loan, the additional amount required to be paid if the Mortgagor prepays all or part of such Mortgage Loans Outstanding Principal Balance as provided in the related Mortgage Note or Mortgage.
Pre-Securitization TPR: A pre-securitization third-party loan level review to assess the characteristics and quality of the Mortgage Loans in accordance with Moodys Criteria for Evaluating Independent Third-Party Loan Level Reviews for U.S. Residential Mortgage Backed Securities (RMBS), dated as of October 5, 2009, and additions thereto, including, but not limited to, future updates thereof.
Primary Mortgage Insurance Policy: Each policy of primary mortgage insurance the form and substance of which conforms with the primary mortgage insurance policy guidelines of Fannie Mae and Freddie Mac.
Principal Prepayment: Any full or partial payment or other recovery of principal on a Mortgage Loan which is received in advance of its scheduled Due Date, and which is not accompanied by an amount of interest representing scheduled interest due on any date or dates in any month or months subsequent to the month of prepayment.
Prior Owner: Any Person who at any time had any interest in the Mortgage Loan, whether as mortgagee, assignee, pledgee, any servicer, or otherwise, but excluding any Person having an interest solely as a provider of warehouse, repurchase or other financing to a Person having an interest in a Mortgage Loan.
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