HECM Buyout definition

HECM Buyout means a FHA HECM which is subject to an Early Buyout as a result of the FHA HECM Principal Balance equaling or exceeding the GNMA HECM Repurchase Trigger or that was never pooled in a GNMA Security.
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HECM Buyout means a HECM Loan that is repurchased from a Xxxxxx Mae securitization as a result of the HECM Loan Principal Balance equal or exceeding the Xxxxxx Xxx HECM Repurchase Trigger.
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HECM Buyout means a HECM Loan (a) for which the related HECM Loan Principal Balance equals or exceeds the Xxxxxx Xxx HECM Repurchase Trigger, (b) pursuant to which such HECM Loan is repurchased from a Xxxxxx Xxx securitization, and (c) which may or may not be assigned to FHA after repurchase from a Xxxxxx Xxx securitization. “HECM Loan” shall mean a home equity conversion Mortgage Loan which is secured by a first lien and is insured by FHA. “HECM Loan Principal Balance” shall mean the principal balance of a HECM Loan (including without limitation any and all term, tenure or other monthly disbursements, accrued interest and mortgage insurance premium payments and other amounts capitalized into the principal balance) reduced by all amounts received or collected in respect of principal on such HECM Loan. “HomeSafe Flex” shall mean any Proprietary Loan that has each of the following characteristics: (a) it is secured by a first lien on the applicable one-to-four family residence, (b) it has a fixed rate of interest and (c) a portion of the Principal Limit is funded on the applicable closing date and the remaining amount is funded monthly in fixed amounts. “HomeSafe Second” shall mean, any Proprietary Loan that has each of the following characteristics: (a) it is secured by a second lien on the applicable one-to-four family residence, (b) it has a fixed rate of interest and (c) the full amount of the Principal Limit is funded on the applicable closing date. “HomeSafe Select” shall mean any Proprietary Loan that has each of the following characteristics: (a) it is secured by a first lien on the applicable one-to-four family residence, (b) it has a variable rate of interest and (c) it is structured as a line of credit that can be drawn on for up to [*]. “HomeSafe Standard” shall mean any Proprietary Loan that has each of the following characteristics: (a) it is secured by a first lien on the applicable one-to-four family residence, (b) it has a fixed rate of interest and (c) the full amount of the Principal Limit is funded on the applicable closing date. “HUD” shall mean the Department of Housing and Urban Development. “Income” shall mean, with respect to any Mortgage LoanPurchased Asset at any time, any principal thereof then payable and all interest, dividends or other distributions payable thereon, and excluding, for the avoidance of doubt, any amounts permitted to be withheld by the Participation Paying Agent pursuant to the MPSA. “Indebtedness” shall mean, with respect ...
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Examples of HECM Buyout in a sentence

  • The Membership Certificate represents 100% of the beneficial ownership of the REO Subsidiary, and the REO Subsidiary continues to hold legal title to all REO Property related to foreclosures of HECM Buyout Loans that are subject to a Transaction.

  • Seller has entered into Interest Rate Protection Agreements with respect to the FHA HECMs (other than in respect of HECM Buyout), having terms with respect to protection against fluctuations in interest rates consistent with its hedging policy.

  • With respect to FHA HECMs or HECM Buyout, the Custodian fails to maintain its good standing under the GNMA Guide or FHA Regulations and is not replaced or Seller fails to repurchase all FHA HECMs and HECM Buyout within sixty (60) calendar days.

  • With respect to any HECM Buyout, the related Mortgage Loan is assignable to FHA within [*] of the related Purchase Date.

  • Schedule of Investments (unaudited) (continued)June 30, 2020 Master Total Return Portfolio (Percentages shown are based on Net Assets)Security Par (000) Value Asset-Backed Securities (continued) Finance of America HECM Buyout, Series 2020- HB1, Class M5, 6.00%, 02/25/30(b)(c)(d) USD 1,758 $ 1,291,075 First Franklin Mortgage Loan Trust Series 2004-FFH3, Class M3, (1 mo.

  • Further, in the event that such Buyout Amendment is not entered into by the Seller and Purchasers by the Buyout Amendment Deadline, any FHA Buyout Loans or HECM Buyout Loans subject to a Transaction as of the Buyout Amendment Deadline shall cease to be Eligible Mortgage Loans on the one hundred-twentieth (120th) day following the Buyout Amendment Deadline.

  • With respect to each Mortgage Loan that is a HECM Buyout, the applicable FHA Mortgage Insurance Certificate is in full force and effect, and there exists no defense or impairment to full recovery thereunder to the maximum extent provided thereby, without, in the case of any Mortgage Loan, indemnity to HUD or FHA.

  • After Seller has purchased a HECM Buyout, Seller shall include a notation of such HECM Buyout in the monthly report delivered to Agent as set forth in Section 13(d)(iv) hereof.

  • The unpaid principal balance of the Eligible Mortgage Loans that are HECM Buyout Loans is $ and the Purchase Price to be paid by Xxxxxx for such HECM Buyout Loans shall be Seller an amount equal to $ [insert applicable Purchase Price].

  • The insurance amount with respect to each Mortgage Loan that is a HECM Buyout will be an amount that is payable in accordance with the FHA Regulations and such amount will be at least equal to the unpaid principal limit applicable to the related Mortgage Loan.

Related to HECM Buyout

  • CASA means the Civil Aviation Safety Authority.

  • CAFA means the Class Action Fairness Act of 2005, 28 U.S.C. §§ 1711-1715.

  • Bait means any salt, mineral, grain, or other feed. Salt or mineral blocks used for normal agricultural practices are not considered bait.

  • CMA means the Competition and Markets Authority;

  • EUMA means the “SAP Delivered Support Agreement” which sets out the terms and conditions under which SAP provides support to End Users and which will be provided by SAP on a deal by deal basis.

  • PSA means each of the Note A-1 PSA and the Note A-2 PSA.

  • SOFRi means the SOFR for:

  • Seller 401(k) Plan has the meaning set forth in Section 6(e) below.