GNMA Security definition

GNMA Security. A fully-modified pass-through mortgage-backed certificate guaranteed by GNMA, evidenced by a book-entry credit made by a Securities Intermediary that is a participant of The Depository Trust Company and backed by a pool of GNMA Mortgage Loans, in substantially the principal amount and with substantially the other terms as specified with respect to such GNMA Security in the related Takeout Commitment, if any.

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GNMA Security means a mortgage-backed security guaranteed by GNMA pursuant to the GNMA Guide.

GNMA Security means a mortgage-backed security guaranteed by GNMA as to payments of principal and interest.

Examples of GNMA Security in a sentence

• The Servicer has no obligation to Purchase Mortgage Loans unless such Mortgage Loans are eligible for inclusion in a GNMA Security, ▇▇▇▇▇▇▇ Mac Security or a ▇▇▇▇▇▇ Mae Security; provided, however, that a Mortgage Loan shall not be considered ineligible for inclusion in a GNMA Security as a result of any failure by the Servicer to take such actions as are necessary to obtain GNMA Commitments pursuant to Section 3.01 of the Servicing Agreement.

• The Company may, from time to time, deliver a request to the Collateral Agent (or an Affiliate of the Collateral Agent) acting in its capacity as pool custodian, for the initial certification of Pledged Mortgages for purposes of creating a pool of Mortgage Loans to support the issuance of a FHLMC, FNMA or GNMA Security.

• Sellers, subject to the terms hereof, will cause (a) Mortgage Loans evidenced by a Participation Certificate to back a GNMA Security issued by Sellers and guaranteed by GNMA, a FNMA Security issued and guaranteed by FNMA or a FHLMC Security issued and guaranteed by FHLMC and (b) Delivery of such GNMA Security, FNMA Security or FHLMC Security by GNMA, FNMA or FHLMC to Participant or its designee, which GNMA Security, FNMA Security or FHLMC Security will be purchased by a Takeout Investor.

• Seller, subject to the terms hereof, will cause (a) Mortgage Loans evidenced by a Participation Certificate to back a GNMA Security issued by Seller and guaranteed by GNMA, a FNMA Security issued and guaranteed by FNMA or a FHLMC Security issued and guaranteed by FHLMC and (b) Delivery of such GNMA Security, FNMA Security or FHLMC Security by GNMA, FNMA or FHLMC to Participant or its designee, which GNMA Security, FNMA Security or FHLMC Security will be purchased by a Takeout Investor.

• The Servicer has no obligation to Purchase Mortgage Loans unless such Mortgage Loans are eligible for inclusion in a GNMA Security, Freddie Mac Security or a ▇▇▇▇▇▇ ▇▇▇ Security; provided, however, that a Mortgage Loan shall not be considered ineligible for inclusion in a GNMA Security as a result of any failure by the Servicer to take such actions as are necessary to obtain GNMA Commitments pursuant to Section 3.01 of the Servicing Agreement.

More Definitions of GNMA Security

GNMA Security means a security representing an undivided fractional interest in a pool of Mortgage Loans, which security is issued by the Borrower and guaranteed as to full and timely payment of principal and interest by GNMA without regard as to whether the Borrower collects any payments on such Mortgage Loans.

GNMA Security means a custom pool, fully-modified mortgage-backed GNMA I Security or GNMA II Security, issued by the Servicer, registered in the name of the Trustee or its nominee, 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 and the regulations promulgated thereunder and backed by FHA Insured Mortgage Loans, USDA Rural Development Guaranteed Mortgage Loans or VA Guaranteed Mortgage Loans in the related Mortgage Pool, with terms as specified in the Program Manual.

GNMA Security means a mortgage-backed security guaranteed by GNMA pursuant to the GNMA Guidelines.

GNMA Security or “GNMA Securities” means a fully modified pass through security in the form of a CLC or a PLC issued by an approved FHA lender and guaranteed by GNMA as to timely payment of principal of and interest on a PLC and as to timely payment of interest only until maturity and timely payment of principal at maturity on a CLC, pursuant to Section 306(g) of the National Housing Act of 1934, as amended, and the regulations promulgated thereunder.

GNMA Security 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, 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, either directly or indirectly, to the holder thereof its pro rata share of (x) principal payments and prepayments made in respect of the Mortgage Pool represented by the GNMA Security and (y) interest received in an amount equal to the Pass-Through Rate.

GNMA Security means a security 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 GNMA, for purchase by the Trustee.

GNMA Security or “GNMA Securities” means a fully modified pass through security in the form of a construction loan certificate or a permanent loan certificate issued by an approved lender and guaranteed by GNMA as to timely payment of principal of and interest on a permanent loan certificate and as to timely payment of interest only until maturity and timely payment of principal at maturity on a construction loan certificate, pursuant to Section 306(g) of the National Housing Act of 1934, as amended, and the regulations promulgated thereunder.