Examples of Xxxxxxx Mac 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, Xxxxxxx Mac Security or a Xxxxxx 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.
Notwithstanding any other provision of this Agreement, the Servicer may suspend its Purchase of Mortgage Loans, and the Participants may suspend their efforts to originate and close Mortgage Loans, if the Issuer or the Trustee on behalf of the Issuer at any time fails to purchase any GNMA Certificate, Xxxxxx Mae Security or Xxxxxxx Mac Security as provided for in this Agreement.
The Certificate Purchaser shall purchase such GNMA Certificate, Xxxxxx Mae Security or Xxxxxxx Mac Security from the Servicer on a Certificate Purchase Date as set forth in the notice of such purchase from the Servicer at a price equal to applicable MBS Purchase Percentage of the unpaid principal balance of the Mortgage Loans comprising the Pool backing such GNMA Certificate, Xxxxxx Mae Security and Xxxxxxx Mac Security, respectively, plus accrued interest thereon.
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.
All Mortgage Loans eligible for inclusion in a GNMA Certificate shall be insured by FHA or guaranteed by VA or RD, as applicable, and all Mortgage Loans eligible for inclusion in a Xxxxxx Mae Security or Xxxxxxx Mac Security shall be insured by a PMI Insurer to the extent required by Xxxxxx Mae or Xxxxxxx Mac, as applicable.
Xxxxxx Mae Security Identifiers begin with the letters A-I or M while Xxxxxxx Mac Security Identifiers begin with the letters Q-Z.
A Mortgage Loan made for a Single Family Residence which is a Manufactured Home or co-op is eligible for inclusion in a Xxxxxx Mae Security or Xxxxxxx Mac Security only if determined by the Servicer and Administrator to be eligible for inclusion.
The obligation to purchase such GNMA Certificate, Xxxxxx Mae Security or Xxxxxxx Mac Security is conditioned upon the Mortgage Loans represented by the Pool Documentation Package being in conformity with all requirements of the Program Documents.