Insured mortgage definition

Insured mortgage means a mort- gage which has been insured as evi- denced by the issuance of a Mortgage Insurance Certificate or by the en- dorsement of the credit instrument for insurance by the Commissioner.(j) Contract of Insurance means the agreement evidenced by the issuance of a Mortgage Insurance Certificate or by the endorsement of the Commissioner upon the credit instrument given in connection with an insured mortgage, incorporating by reference the regula- tions in this subpart and the applicable provisions of the Act.(k) MIP means the mortgage insur- ance premium paid by the mortgagee to the Commissioner in consideration of the contract of insurance.(l)–(m) [Reserved](n) Open-end advance means an in- sured advance made by an approved mortgagee in connection with a pre- viously insured mortgage, pursuant to an open-end provision in the mortgage.(o) Open-end insurance charge means the charge paid by the mortgagee to the Commissioner in consideration of the insurance of an open-end advance.(p) Beginning of amortization means the date one month prior to the date of the first monthly payment to principal and interest.(q) Maturity means the date on which the mortgage indebtedness would be extinguished if paid in accordance with periodic payments provided for in the mortgage.(r) Debentures means registered, transferable securities in certificated or book entry form which are valid and binding obligations, issued in the name of the Mutual Mortgage Insurance Fund in accordance with the provisions of this part; such debentures are the primary liability of the Mutual Mort- gage Insurance Fund and are uncondi- tionally guaranteed as to principal and interest by the United States.(s) State includes the several States, Puerto Rico, the District of Columbia, Guam, the Commonwealth of the Northern Mariana Islands, American Samoa, and the Virgin Islands.(t) TOTAL is an acronym that stands for ‘‘Technology Open to Approved Lenders.’’ TOTAL is a mortgage score- card based on a mathematical equation that is to be used within an automated underwriting system (AUS). TOTAL is a tool to assist the mortgagee in man- aging its workflow and expediting the endorsement process, and is not a sub- stitute for the mortgagee’s reasonable consideration of risk and credit worthi- ness. Direct Endorsement mortgagees § 203.255using TOTAL remain solely responsible for the underwriting decision.[36 FR 24508, Dec. 22, 1971, as amended at 37FR 8661, Apr. 29, 1972; 41 FR 49734, Nov. 10,1976; 49 FR 12697...

Insured mortgage means a mort- gage which has been insured by the en- dorsement of the credit instrument by the Commissioner.

Insured mortgage means a mortgage insured or approved

Examples of Insured mortgage in a sentence

• The Mortgage Lender is (i) if originating FHA Insured Mortgage Loans, an FHA-approved mortgagee in good standing, (ii) if originating VA Guaranteed Mortgage Loans, an eligible lender in good standing for VA-Guaranteed Mortgage Loans, or (iii) if originating USDA Rural Development Guaranteed Mortgage Loans, an eligible lender in good standing for USDA Rural Development Guaranteed Mortgage Loans.

• The Commission shall announce in the Program Announcement with respect to each bond issue, the maximum dollar amount, if any, of FHA Insured Mortgage Loans, VA Guaranteed, HUD Guaranteed or RD Guaranteed Mortgage Loans and Conventional Mortgage Loans, respectively, that the Servicer may purchase under the Program.

• If the Mortgage is an Insured Mortgage, the Mortgage is made under the National Housing Act (Canada).

• Lender and TPO wish to define the conditions pursuant to which Lender is willing to sponsor TPO and to make available the funds necessary to finance Insured Mortgage Loans submitted to and accepted by Lender pursuant to this Addendum.

• Lender and Mortgage Broker wish to define the conditions pursuant to which Lender is willing to sponsor Mortgage Broker and make available the funds necessary to finance Insured Mortgage Loans submitted to and accepted by Lender pursuant to this Addendum.

More Definitions of Insured mortgage

Insured mortgage means a mort- gage which has been insured as evi- denced by the issuance of a Mortgage Insurance Certificate or by the en- dorsement of the credit instrument for insurance by the Commissioner.(j)

Insured mortgage or "insured mortgage loan" means a mortgage loan for land development for residential housing or for residential housing either made, insured, or guaranteed by or for which there is a commitment to make, insure, and guarantee by:

Insured mortgage means a mort- gage which has been insured as evi- denced by the issuance of a Mortgage Insurance Certificate or by the en- dorsement of the credit instrument for insurance by the Commissioner.(j) Contract of Insurance means the agreement evidenced by the issuance of a Mortgage Insurance Certificate or by the endorsement of the Commissioner upon the credit instrument given in connection with an insured mortgage, incorporating by reference the regula- tions in this subpart and the applicable provisions of the Act.

Insured mortgage means a mortgage insured by the Canada Mortgage and Housing Corporation, Genworth Financial Inc., AIG United Guaranty Mortgage Insurance Company Canada, or any other mortgage insurer Approved by Equitable.

Insured mortgage means a mortgage insured or approved to be insured or guaranteed by a Federal agency and shall include instruments or certificates which are guaranteed by a Federal agency and secured by insured or guaranteed mortgages.

Insured mortgage means any Mortgage in respect of which Mortgage Insurance has been obtained and subsists.

Insured mortgage means a mortgage on multi-family residential properties that is insured or coinsured by the Federal Housing Administration and securitized by GNMA.