Wet Loan

Example Definitions of "Wet Loan"
Wet Loan. A Mortgage Loan (a) that is not a Ginnie Mae Modified Loan and which Seller is selling to Buyer simultaneously with the origination thereof and for which the Mortgage File has not been delivered to Custodian or (b) that is a Ginnie Mae Modified Loan, which Custodian is in possession of the contents of the Mortgage File other than the Modification Agreement
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