Xxxxxx Mae Security definition

Xxxxxx Mae Security means a fully-modified pass-through mortgage-backed certificate guaranteed by Xxxxxx Xxx, evidenced by a book-entry account in a depository institution having book-entry accounts at the Federal Reserve Bank of New York and backed by a pool of Xxxxxx Mae Mortgage Loans, in substantially the principal amount and with substantially the other terms as specified with respect to such Xxxxxx Xxx Security in the related Takeout Commitment.

Xxxxxx Mae Security means a single pool, guaranteed mortgage pass-through Xxxxxx Xxx MBS Security, issued by Xxxxxx Mae in book-entry form, recorded in the name of the Trustee or its nominee, guaranteed as to timely payment of principal and interest by Xxxxxx Xxx and backed by Conventional Mortgage Loans in the related Mortgage Pool, with terms as specified in the Program Manual.

Xxxxxx Mae Security means a mortgage-backed security received in exchange for mortgage loans sold by the Seller to Xxxxxx Xxx and issued by Xxxxxx Mae.

Examples of Xxxxxx Mae Security in a sentence

• The Servicer has no obligation to Purchase Mortgage Loans unless such Mortgage Loans are eligible for inclusion in a GNMA Security, Xxxxxxx Mac Security or a Xxxxxx Mae Security; provided, however, that a Mortgage Loan shall not be considered ineligible for inclusion in a GNMA Security as a result of any failure by the Servicer to take such actions as are necessary to obtain GNMA Commitments pursuant to Section 3.01 of the Servicing Agreement.

• The Xxxxxx Mae Security to be issued on account of the Pooled Loans is covered by a Take-out Commitment, does not exceed the availability under such Take-out Commitment.

• At the time of such notice, the Servicer shall certify the separate amounts of the principal Mortgage Loan balances of all Mortgage Loans within each respective Participating County included in the Pool for such GNMA Certificate, Xxxxxx Mae Security or Xxxxxxx Mac Security for Single Family Residences in each such Participating County.

• The Certificate Purchaser shall purchase such GNMA Certificate, Xxxxxx Mae Security or Xxxxxxx Mac Security from the Servicer on a Certificate Purchase Date as set forth in the notice of such purchase from the Servicer at a price equal to applicable MBS Purchase Percentage of the unpaid principal balance of the Mortgage Loans comprising the Pool backing such GNMA Certificate, Xxxxxx Mae Security and Xxxxxxx Mac Security, respectively, plus accrued interest thereon.

• With respect to each Series of Bonds, the Servicer will give the Trustee, the Issuer or the Certificate Purchaser if other than the Trustee or Issuer not less than seven (7) Business Days prior notice of the date a GNMA Certificate, Xxxxxx Mae Security or Xxxxxxx Mac Security will be delivered for purchase.

More Definitions of Xxxxxx Mae Security

Xxxxxx Mae Security means an ownership interest in a pool of Xxxxxx Xxx Mortgage Loans, evidenced by a book-entry account in a depository institution having book-entry accounts at the Federal Reserve Bank of New York, issued and guaranteed, with respect to timely payment of interest and ultimate payment of principal, by Xxxxxx Mae and backed by a pool of Xxxxxx Xxx Mortgage Loans, in substantially the principal amount and with substantially the other terms as specified with respect to such Xxxxxx Mae Security in the related Takeout Commitment, if any.

Xxxxxx Mae Security means a mortgage-backed security guaranteed by Xxxxxx Xxx pursuant to the Xxxxxx Mae Guide.

Xxxxxx Mae Security means a single Pool, guaranteed mortgage pass-through Xxxxxx Xxx Mortgage-Backed Security, providing for the regularly scheduled monthly payments and any prepayments thereunder, bearing interest at the Applicable Pass-Through Rate (unless different rates are determined upon extension of any Certificate Acquisition Period), issued by Xxxxxx Mae in book entry form, and guaranteed as to timely payment of principal and interest by Xxxxxx Xxx and backed by Conventional Mortgage Loans in the related mortgage Pool, provided that with respect to a Xxxxxx Mae Security purchased with proceeds of a Series of Bonds, the final regularly scheduled payment thereunder shall be not later than the Final MBS Maturity Date (unless the Certificate Acquisition Period is extended as and to the extent provided in the Series Indenture) and the latest Mortgage Loan maturity date shall be not later than the Final Loan Maturity Date and in any event not later than 60 days before the final Bond maturity date.

Xxxxxx Mae Security means an ownership interest in a pool of Xxxxxx Xxx Mortgage Loans, evidenced by a book-entry account in a depository institution having book-entry accounts at the Federal Reserve Bank of New York, issued and guaranteed, with respect to timely payment of interest and ultimate payment of principal, by Xxxxxx Mae and backed by a pool of Xxxxxx Xxx Mortgage Loans, in substantially the principal amount and with substantially the other terms as specified with respect to such Xxxxxx Mae Security in the related Takeout Commitment, if any. “FCA” means the United Kingdom Financial Conduct Authority. “FDIA” means Title 12 United States Code, Section 1811 et seq., as amended from time to time. “FDIC” means the Federal Deposit Insurance Corporation or any successor thereto. “FHA” means the Federal Housing Administration, an agency within HUD, or any successor thereto, and including the Federal Housing Commissioner and the Secretary of Housing and Urban Development where appropriate under the FHA regulations. “FHA 203k Loan” means a Mortgage Loan that is eligible for FHA’s 203(k) loan program. “FHA Buyout Loan” means an Eligible Mortgage Loan that (a) is insured by FHA, (b) is a Xxxxxx Xxx Mortgage Loan, (c) has been purchased out of a Xxxxxx Mae Security, and (d) is not a Modified Loan.1318 1318 The definition of “FHA Buyout Loan” was added by Amendment No. 1, dated as of September 24, 2021.

Xxxxxx Mae Security means a modified pass-through mortgage-backed certificate guaranteed by Xxxxxx Xxx, evidenced by a book-entry account in a depository institution having book-entry accounts at the Federal Reserve Bank of New York and backed by a pool of Xxxxxx Mae Mortgage Loans, in substantially the principal amount and with substantially the other terms as specified with respect to such Xxxxxx Xxx Security in the related Takeout Commitment.1420 “Governmental Authority” means any nation or government, any state or other political subdivision, agency or instrumentality thereof, or any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government and any court or arbitrator having jurisdiction over Seller. “High Cost Mortgage Loan” means a Mortgage Loan that is (a) subject to, covered by or in violation of the provisions of the Homeownership and Equity Protection Act of 1994, as amended, (b) a “high cost,” “covered,” “threshold,” “abusive,” “predatory” or “high risk” mortgage loan under any federal, state or local law, or any similarly classified loan using different terminology under any law imposing heightened regulation, scrutiny or additional legal liability 1420 The definition of “Xxxxxx Mae Security” was amended by Amendment No. 1, dated as of September 24, 2021.

Xxxxxx Mae Security was amended by Amendment No. 1, dated as of September 24, 2021.

Xxxxxx Mae Security means a security representing an undivided fractional interest in an Eligible Mortgage Pool or other instrument evidencing credit support provided by Xxxxxx Xxx for an Eligible Mortgage Pool, which security or other instrument is issued and guaranteed as to payment of principal and interest by Xxxxxx Mae to an extent consistent with Xxxxxx Mae’s customary practices. For purposes of this Agreement, a Xxxxxx Mae Security shall also include an Eligible Mortgage Pool acquired by Xxxxxx Xxx from the Borrowers.