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 (a) for which the related HECM Loan Principal Balance equals or exceeds the ▇▇▇▇▇▇ ▇▇▇ HECM Repurchase Trigger, (b) pursuant to which such HECM Loan is repurchased from a ▇▇▇▇▇▇ ▇▇▇ securitization, and (c) which may or may not be assigned to FHA after repurchase from a ▇▇▇▇▇▇ ▇▇▇ 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 ...

Examples of HECM Buyout in a sentence

To the extent HUD deducts from amounts otherwise due on account of a HECM Buyout subject to the Agreement, any amounts owing by Servicer to HUD, Seller shall give prompt written notice thereof to Administrative Agent and shall deposit, within one (1) Business Day following notice or knowledge of such deduction by HUD, such deducted amounts into the Inbound Account.
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.
Notwithstanding that certain Contributed REO Property is owned by the REO Subsidiary, the Seller, as Nominee, shall be listed as the mortgagee of record and shall deposit all claims submitted on account of HECM Buyout into the payee account (the “Clearing Account”) and shall transfer all such amounts so received into the Inbound Account as set forth below.
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.
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.
The Membership Certificate represents 100% of the beneficial ownership of the REO Subsidiary, and the Seller or the REO Subsidiary, as applicable, continues to hold legal title to all REO Property related to foreclosures of HECM Buyout Loans that are subject to a Transaction.
Notwithstanding that certain Contributed REO Property is owned by an REO Subsidiary, the Seller, as Nominee, shall be listed as the mortgagee of record and shall deposit all claims submitted on account of HECM Buyout into the payee account (the “Clearing Account”) and shall transfer all such amounts so received into the Inbound Account as set forth below.
In the event that such Buyout Amendment is not entered into by the Seller and Purchasers by the Buyout Amendment Deadline, Seller shall not be permitted to sell any FHA Buyout Loans or HECM Buyout Loans to any Purchaser hereunder pursuant to this Agreement.
With respect to 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 HECM Buyouts within sixty (60) calendar days.
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.