FHLMC Certificate definition

FHLMC Certificate means a mortgage participation certificate in physical or book-entry form, the timely payment of interest on and the ultimate collection of principal of which is guaranteed by FHLMC, and which evidences a proportional undivided interest in, or participation interest in, specified pools of fixed-, variable- or adjustable-rate, level payment fully amortizing mortgage loans secured by first-priority mortgages on one- to four-family residences.

FHLMC Certificate means a certificate purchased by the Trustee, issued by the Master Servicer and guaranteed by FHLMC.

FHLMC Certificate means a mortgage participation certificate in physical or book–entry form, the timely payment of interest on and the ultimate collection of principal of which is guaranteed by FHLMC, and which evidences a proportional undivided interest in, or participation interest in, specified pools of fixed–, variable– or adjustable–rate, fully amortizing, level pay mortgage loans with terms up to 30 years, secured by first liens on one– to four–family residences.

Examples of FHLMC Certificate in a sentence

• FHLMC guarantees to each registered holder of a FHLMC Certificate timely payment of the amounts representing a holder's proportionate share in: (i) interest payments less servicing and guarantee fees, (ii) principal prepayments and (iii) the ultimate collection of amounts representing the holder's proportionate interest in principal payments on the mortgage loans in the pool represented by the FHLMC Certificate, in each case whether or not such amounts are actually received.

• FHLMC guarantees to each registered holder of a FHLMC Certificate timely payment of the amounts representing a holder's proportionate share in: (i) interest payments less servicing and guarantee fees, (ii) principal prepayments and (i) the ultimate collection of amounts representing the holder's proportionate interest in(iii) principal payments on the mortgage loans in the pool represented by the FHLMC Certificate, in each case whether or not such amounts are actually received.

• If the Trustee does not receive payment on a FHLMC Certificate by the close of business on the 15th day of the month (or if such day is not a Business Day, by the close of business on the next Business Day), the Trustee shall notify (not later than the next succeeding Business Day) FHLMC and FHLMC's paying agent by telephone, telex or other means of same-day communication, and request immediate wire transfer of such payment from such paying agent in immediately available funds.

• The following words and phrases have the meanings specified below: " Certificate" means a GNMA, FNMA or FHLMC Certificate.

More Definitions of FHLMC Certificate

FHLMC Certificate means a mortgage participation certificate in physical or book-entry form, the timely payment of interest on and the ultimate collection of principal of which is guaranteed by FHLMC, and which evidences a proportional undivided interest in, or participation interest in, specified pools of fixed-, variable- or adjustable-rate, level pay, fully amortizing mortgage loans secured by first-priority mortgages on one- to four-family residences.

FHLMC Certificate means a certificate secured by a Mortgage Pool issued by the Designated Servicer in certificated or in book-entry form, guaranteed as to timely payment of principal and interest by FHLMC, for purchase by the Trustee.

FHLMC Certificate means a participation certificate under which the full and timely payment of interest and principal is guaranteed by FHLMC and which represents a proportional undivided ownership interest in a group of fixed-rate mortgage loans secured by mortgages on one- to four-family residences and which is granted to the Trustee under the Indenture.

FHLMC Certificate means a mortgage participation certificate, in certificated or in book-entry form, the timely payment of interest on and the ultimate collection of principal of which is guaranteed by FHLMC, which evidences a proportional undivided interest in specified pools of first lien, fixed-rate, variable-rate or adjustable-rate conventional mortgage loans or participation interests in conventional one-to- four family residential mortgage loans purchased by FHLMC, all of which loans provided for monthly payments of principal and interest in substantially equal installments for the contractual term of such loan or for each rate variation or adjustment period, as the case may be, and are amortizing over the original term to maturity.

FHLMC Certificate means a single pool, participation certificate issued by FHLMC guaranteed as to timely payment of interest and the ultimate collection of principal by FHLMC and backed by Conventional Mortgage Loans in the related pool.

FHLMC Certificate means a mortgage participation certificate, guaranteed as to payment of interest and principal by FHLMC and backed by a pool of conventional mortgage loans.

FHLMC Certificate. A participation certificate under which the full and timely payment of interest and the ultimate collection (and, if specified in the related Terms Indenture, timely payment) of principal is guaranteed by FHLMC and which represents an undivided interest in a group of fully-amortizing loans (or participation interests therein) secured by one- to four-family residences and which is Granted to the Trustee under the Indenture as security for a particular Series. The term "outstanding FMLMC Certificates" as of any date means the FHLMC Certificates other than the FHLMC Certificates which have been fully paid as of such date.