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dos. Brand new prospectus supplement defined the mortgage-to-worth ratio, or LTV, due to the fact “ratio of your principal balance of these real estate loan at the date out of commitment to help you (a) regarding a buy, brand new smaller of your sale price of the fresh new mortgaged assets and you can the appraised worthy of in the course of purchases otherwise (b) regarding a refinancing otherwise amendment, the fresh new appraised worth of the new mortgaged assets during the time of the fresh new refinancing or amendment.” [Back]
step three. The fresh new prospectus supplement defined the mutual financing-to-worthy of ratio, otherwise CLTV, while the “the brand new proportion of your own prominent balance of the 2nd-lien mortgage loan, using the outstanding harmony of your associated very first-lien home loan, within date from dedication to help you (a) in the example of a purchase, new lesser of sale price of the mortgaged possessions and the appraised well worth during the time of product sales otherwise (b) when it comes to an effective refinancing otherwise amendment, new appraised property value the fresh mortgaged property during the time of the newest refinancing or amendment.” [Back]
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