Xxxxxx Xxx Security definition

Xxxxxx Xxx Security means a fully-modified pass-through mortgage-backed certificate guaranteed by Xxxxxx Mae, 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 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.

Xxxxxx Xxx Security means an ownership interest in a pool of Xxxxxx Mae 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 Xxx 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, if any.

Xxxxxx Xxx Security means a security representing an undivided fractional interest in an Eligible Mortgage Pool, which security is issued and guaranteed as to payment of principal and interest by Xxxxxx Mae to an extent consistent with Xxxxxx Mae’s customary practices, without regard as to whether Borrower collects any payments on such Mortgage Loans.

Examples of Xxxxxx Xxx Security in a sentence

• In the absence of any such instructions, the Trustee shall vote such Xxxxxx Xxx Security in a manner consistent, in the sole judgment of the Trustee, with the best interests of the Holders of the related Certificates outstanding hereunder.

• Each Underlying Mortgage Loan was originated in accordance with Xxxxxx Mae underwriting guidelines and FHA, VA or USDA requirements, as applicable, and other than due to delinquency or modification, would otherwise be acceptable for inclusion in a Xxxxxx Xxx Security.

• Xxxxxx Mae, acting in its capacity as Trustee, acknowledges the transfer and assignment to it of the Xxxxxx Xxx Security and hereby declares that it will hold the same in trust for the Certificateholders on the terms contained in this Trust Agreement.

• Xxxxxx Mae, acting in its corporate capacity, does hereby transfer, assign, set over and otherwise convey to Xxxxxx Xxx, acting in its capacity as Trustee for the Holders of Certificates evidencing beneficial ownership interests in the Trust Fund established hereby, all of Xxxxxx Mae’s right, title and interest in and to the Xxxxxx Xxx Security including all payments of principal and interest thereon received after the month of the Issue Date.

• The Cut-off Date Principal Balance respecting each Pooled Loan shall be at least equal to the original unpaid principal balance of the Xxxxxx Xxx Security for the Pooled Loans designated to be issued.

More Definitions of Xxxxxx Xxx Security

Xxxxxx Xxx Security. The Xxxxxx Mae Guaranteed MBS Pass-Through Certificate that is transferred and assigned to the Trustee, included in the Trust Fund and identified in Exhibit A hereto.

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

Xxxxxx Xxx Security means a custom pool, fully modified mortgage backed Xxxxxx Mae or Xxxxxx Xxx XX Security issued by the Servicer and representing Mortgage Loans originated by the Lender and other Lenders participating in the MRB Program and, if applicable, sold to the Servicer under this MRB Origination Agreement, registered in the name of the Trustee or its designee, guaranteed as to timely payment of principal and interest by Xxxxxx Mae pursuant to Section 306(g) of Title III of the National Housing Act of 1934 and the regulations promulgated thereunder.

Xxxxxx Xxx Security a Mortgage-backed Security guaranteed or issued by Xxxxxx Mae.

Xxxxxx Xxx Security means a single pool, guaranteed mortgage pass-through security, providing for the regularly scheduled monthly payments and any prepayments thereunder with the final regularly scheduled payment, issued by Xxxxxx Xxx in book entry form, recorded in the name of the Trustee or its nominee for the benefit of the Bondholders of the related series of Taxable Bonds, guaranteed as to timely payment of principal and interest by Xxxxxx Xxx and backed by Conventional Mortgage Loans in the related mortgage pool.

Xxxxxx Xxx Security means a custom pool, fully modified mortgage backed Xxxxxx Xxx or Xxxxxx Xxx XX Security issued by the Servicer and representing Mortgage Loans originated by the Lender and other Lenders participating in the Smart6 Mortgage Program and, if applicable, sold to the Servicer under this Smart6 Origination Agreement, registered in the name of the Trustee or its designee, guaranteed as to timely payment of principal and interest by Xxxxxx Xxx pursuant to Section 306(g) of Title III of the National Housing Act of 1934 and the regulations promulgated thereunder.

Xxxxxx Xxx Security means an ownership interest in a pool of Xxxxxx Mae 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 Xxx 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, if any. “Federal Reserve Bank of New York’s Website” means the website of the Federal Reserve Bank of New York at xxxx://xxx.xxxxxxxxxx.xxx, or any successor source. “FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code, and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and implementing such Sections of the Code. “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 Mae Mortgage Loan, (c) has been purchased out of a Xxxxxx Xxx Security, and (d) is not a Modified Loan. “FICO Score” means the credit score of the Mortgagor provided by Fair, Xxxxx & Company, Inc. or such other organization providing credit scores on or immediately prior to the Origination Date of a Mortgage Loan. “Floor” has the meaning assigned thereto in the Pricing Side Letter.1924 “Foreign Purchaser” has the meaning assigned thereto in Section 8(d). 1924 The definition of “Floor” was added by Amendment No. 1, dated as of September 24, 2021.