GNMA Certificate definition

GNMA Certificate means a certificate purchased by the Trustee, issued by the Master Servicer and guaranteed by GNMA pursuant to GNMA’s GNMA Mortgage-Backed Securities Programs and other related provisions under the National Housing Act of 1934, as amended, and based on and backed by Mortgage Loans referred to in the GNMA Guaranty Agreement.

GNMA Certificate means a fully modified pass-through certificate in physical or book-entry form, the full and timely payment of principal of and interest on which is guaranteed by GNMA and which evidences a proportional undivided interest in specified pools of fixed-, variable- or adjustable-rate, level payment fully amortizing mortgage loans secured by first-priority mortgages on single-family and multi-family residences.

GNMA Certificate means a mortgage backed security issued by the Lender, guaranteed as to timely payment of principal and interest by GNMA pursuant to the National Housing Act, and issued with respect to and backed by the Mortgage Loan.

Examples of GNMA Certificate in a sentence

• Such schedules will reflect payment factor information previously reported for such GNMA Certificate and estimated subsequent scheduled amortization on the related Mortgages.

• For any Payment Date for Multiclass GNMA Securities, the aggregate of the remaining principal balances to which the underlying Assets would be reduced in the month in which that Payment Date occurs, based on, in the case of GNMA Certificates, the related “factor” information selected by the Administrator or, to the extent such factors have not been reported for a GNMA Certificate, assumed Mortgage amortization schedules that the Administrator (or its agent) will create.

• 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.

• Following the Custodian’s satisfactory review of the applicable documents of the Pool Documentation Package, the Custodian will give initial certification to GNMA, Xxxxxx Mae or Xxxxxxx Mac, as applicable, and the Servicer shall cause a GNMA Certificate, Xxxxxx Mae Security or Xxxxxxx Mac Security to be issued in a principal amount equal to the outstanding principal amount of the Mortgage Loans represented by the Pool Documentation Package.

• 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 GNMA Certificate

GNMA Certificate means a fully modified pass-through certificate in physical or book-entry form, the full and timely payment of principal of and interest on which is guaranteed by GNMA and which evidences a proportional undivided 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.

GNMA Certificate means a fully modified pass–through certificate in physical or book–entry form, the full and timely payment of principal of and interest on which is guaranteed by GNMA and which evidences a proportional undivided 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.

GNMA Certificate means a certificate purchased by the Trustee, issued by the Servicer and guaranteed by GNMA pursuant to GNMA’s GNMA I or GNMA II mortgage-backed securities program under Section 306(g) and other related provisions of the National Housing Act of 1934, as amended, and based on and backed by Mortgage Loans referred to in the GNMA Guaranty Agreement, which certificate shall unconditionally obligate the Servicer to remit monthly to the holder thereof its pro-rata share of (1) principal payments and prepayments made in respect of the pool of Mortgage Loans represented by the GNMA Certificate and (2) interest received in an amount equal to the Pass-Through Rate. GNMA will guarantee to the holder of each GNMA Certificate such holder’s pro-rata share of

GNMA Certificate means a fully‐modified, mortgage‐backed certificate (whether issued as a “GNMA I” or a “GNMA II” Certificate) bearing interest at the applicable Pass‐Through Rate, issued by the Servicer, registered in the name of the Trustee, guaranteed as to timely payment of principal and interest by GNMA pursuant to Section 306(g) of Title III of the National Housing Act of 1934, as amended, and the regulations promulgated thereunder, maturing no later than December 1, 2041, and backed by FHA Insured Mortgage Loans or VA Guaranteed Mortgage Loans or USDA‐RHS Mortgage Loans made by a Lender.

GNMA Certificate means a fully modified pass-through certificate in physical or book-entry form, the full and timely payment of principal of and interest on which is guaranteed by GNMA and which evidences a proportional undivided interest in specified pools of fixed-, variable- or adjustable-rate, fully amortizing mortgage loans secured by first-priority mortgages on single-family residences.

GNMA Certificate or “Certificate” means the fully modified GNMA I or GNMA II Mortgage Pass-Through Certificate (or the electronically transmitted confirmation provided for hereinafter), issued by the Servicer in exchange for Mortgage Loans and in the Form of Appendix 39 “Single Family Mortgage-Backed Certificate” of the GNMA Guide and guaranteed as to timely payment of principal and interest by GNMA pursuant to Section 306(g) of Title III of the National Housing Act of 1934, as amended, and the regulations promulgated thereunder and based on and backed by FHA/VA/RD Loans made by the Participants and bearing interest at the Applicable Pass-Through Rate (unless different rates are determined upon extension of any Certificate Acquisition Period); provided that with respect to a GNMA Certificate 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 with a latest loan maturity date not later than the Final Loan Maturity Date and in any event not later than 60 days before the final Bond maturity. If the Servicer delivers a GNMA Certificate that is in a denomination less than $250,000, the Trustee or the Issuer, as the case may be, may conclude that GNMA has approved such lesser amount. In the event GNMA so requires, pursuant to GNMA’s book entry system, in lieu of the aforesaid certificate, the confirmation of GNMA’s guaranty obligation shall be transmitted to the Certificate Purchaser, or its nominee, electronically.

GNMA Certificate means a certificate purchased by the Trustee, issued by the Master Servicer and guaranteed by GNMA pursuant to GNMA' s GNMA Mortgage- Backed Securities Programs and other related provisions under the National Housing Act of 1934 , as ame nded, and based on and backed by