Payment Default

Borrower's Borrower'sPerson who is the obligor per the Note. failure to fully pay any required Mortgage Loan Mortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or  a mortgage debt obligation with a Fannie Mae credit enhancement. Test Notes-SV Test Again Sub-bullet test1 Sub-bullet test2 payment when due, including,

  • principal,
  • interest,
  • late charges,
  • default interest,
  • fees,
  • pricing incentive recapture,
  • prepayment premium,
  • escrows, or
  • other collateral accounts for
    • taxes,
    • insurance,
    • assessments,
    • Completion/Repair Escrow Completion/Repair EscrowCustodial Account funded on the Mortgage Loan Origination Date for Completion/Repairs or capital improvements per the Loan Documents. , and
    • Replacement Reserve Replacement ReserveCustodial Account the Borrower funds during the Mortgage Loan term for Replacements. .
Synonyms
Payment Defaults