HUD 24 CFR PART 320-2011 GUARANTY OF MORTGAGE-BACKED SECURITIES《按揭证券担保品》.pdf

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1、582 24 CFR Ch. III (4111 Edition) 300.17 any time, to alter or waive any of the requirements contained in this chapter or elsewhere or to impose other and ad-ditional requirements; it further re-serves the right, without prior notice and at any time, to amend or rescind any or all of the material se

2、t forth herein. 300.17 Audits and reports. The Association and its designees may at any reasonable time audit the books and examine the records of any issuer, mortgage servicer, trustee, agent or other person bearing on com-pliance with the requirements of the Associations programs, and the Asso-cia

3、tion may require reasonable and necessary reports from such persons. PART 310BYLAWS OF THE GOV-ERNMENT NATIONAL MORTGAGE ASSOCIATION AUTHORITY: 12 U.S.C. 1723 and 42 U.S.C. 3535(d). SOURCE: 60 FR 42015, Aug. 14, 1995, unless otherwise noted. 310.1 Bylaws of the Association. The bylaws of the Associa

4、tion shall be duly adopted by the Secretary of Housing and Urban Development pur-suant to section 308 of the National Housing Act (12 U.S.C. 1723) and shall govern the performance of the powers and duties granted to or imposed upon the Association by law. PART 320GUARANTY OF MORTGAGE-BACKED SECURITI

5、ES Subpart APass-Through Type Securities Sec. 320.1 General. 320.3 Eligible issuers of securities. 320.5 Securities. 320.7 Mortgages. 320.8 Excess Yield Securities. 320.9 Pool administration. 320.10 Financial reporting. 320.11 Insurance coverage. 320.12 Integrity. 320.13 Guaranty. 320.15 Default. 32

6、0.17 Fees. Subpart BBond-Type Securities 320.21 General. 320.23 Eligible issuers. 320.25 Securities. 320.27 Mortgages. 320.29 Guaranty. 320.31 Default. 320.33 Fees. AUTHORITY: 12 U.S.C. 1721(g) and 1723a(a); and 42 U.S.C. 3535(d). SOURCE: 60 FR 42015, Aug. 14, 1995, unless otherwise noted. Subpart A

7、Pass-Through Type Securities 320.1 General. The Association is authorized by sec-tion 306(g) of the National Housing Act (12 U.S.C. 1721(g) upon such terms and conditions as it may deem appropriate, to guarantee the timely payment of principal of and interest on securities that are based on and back

8、ed by a trust or pool composed of mortgages which are insured or guaranteed by FHA, FmHA or VA. The Associations guar-anty of mortgage-backed securities is backed by the full faith and credit of the United States. This subpart is lim-ited to modified pass-through securi-ties, and does not purport to

9、 set forth all the procedures and requirements that apply to the issuance and guar-anty of such securities. All such trans-actions are governed by the specific terms and provisions of the Associa-tions Mortgage-Backed Securities Guides (MBS Guides) and contracts en-tered into by the parties. 320.3 E

10、ligible issuers of securities. (a) Eligibility requirements. A mort-gage lender, including an instrumen-tality of a State or local government, to be eligible to issue or service mort-gage-backed securities guaranteed by the Association must satisfy all of the following standards: (1) Be in good stan

11、ding as a mort-gagee approved by the FHA; (2) Be in good standing as a mortgage seller or servicer approved by the Fed-eral National Mortgage Association (FNMA), the Federal Home Loan Mort-gage Corporation (FHLMC), or the As-sociation. Loss of either FNMA ap-proval or FHLMC approval may cause VerDat

12、e Mar2010 10:21 May 10, 2011 Jkt 223078 PO 00000 Frm 00592 Fmt 8010 Sfmt 8010 Y:SGML223078.XXX 223078WReier-Aviles on DSKGBLS3C1PROD with CFRProvided by IHSNot for ResaleNo reproduction or networking permitted without license from IHS-,-,-583 Government National Mortgage Association, HUD 320.3 the i

13、ssuer to become ineligible to issue and service the Associations mort-gage-backed securities and constitute a default under the applicable guaranty or contractual agreement whether or not the issuer qualified for new issuer approval on the basis of FNMA or FHLMC approval; (3) Have management with ad

14、equate experience, and access to adequate fa-cilities to issue or service mortgage- backed securities, as determined by the Association; (4) Maintain the applicable minimum net worth discussed in paragraph (c) of this section; and (5) Meet the requirements, condi-tions, and limitations prescribed by

15、 the Association in this part or the applica-ble MBS Guides. (b) Time of eligibility. The Association shall not commit to guarantee, or guarantee any issue of mortgage- backed securities unless the mortgage lender requesting such commitment or guaranty qualifies as an eligible issuer both at the tim

16、e of commitment ap-proval and at the time of the issuance of the guaranty. (c) Net worth requirements. Issuers shall maintain at all times a net worth acceptable to the Association of not less than the applicable minimum amount. The applicable minimum amount shall be published in the MBS Guides. (d)

17、 Disqualification. A mortgage lend-er shall not qualify as an eligible issuer at any time in which: (1) The lending policies of the issuer permit any discrimination based on race, religion, color, national origin, age, or sex of a borrower; or (2) The issuer is not in compliance with any rules, regu

18、lations, or orders issued under title VI of the Civil Rights Act of 1964; Executive Order 11063, Equal Opportunity in Housing, Novem-ber 20, 1962; Executive Order 11246, Equal Employment Opportunity, issued on September 24, 1965 and amended on October 13, 1967; title VII of the Civil Rights Act of 1

19、968; title VIII of the Civil Rights Act of 1968 as amended by the Fair Housing Amendments Act of 1988; or by the FHA or VA. (e) Ethics and standards. A mortgage lender shall qualify as an eligible issuer only so long as it conducts its business operations in accordance with accepted mortgage banking

20、 practices, ethics, and standards, as determined by the Association, and maintains its books and records in accordance with generally accepted accounting prin-ciples. (f) Change in control. Issuers shall no-tify the Association of any change in issuer control. A change in control oc-curs whenever a

21、new party obtains sig-nificant influence over an issuer, as de-fined by the Association. In a merger where the surviving party is not the approved issuer and in a consolidation, the surviving party must apply for-mally for approval as a new issuer prior to the merger or consolidation taking place. I

22、n other business com-binations, such as a stock sale of an ex-isting issuer, which result in a change in control of issuer, the issuer shall demonstrate that it continues to meet all issuer eligibility requirements prior to the business combination being fi-nalized. (g) Cross-Default. Related issuer

23、s, as defined by the Association, shall exe-cute a cross-default agreement, in a form prescribed by the Association, that authorizes the default of one or more related issuers in the event of a default by any one of the related issuers. Issuers may be granted an ex-emption from this section, provide

24、d that they submit a legal opinion, ac-ceptable to the Association, which demonstrates that the execution of a cross-default agreement would be pro-hibited by the issuers Federal regu-lator. (h) Failure to comply. In the event that an issuer subsequently fails to comply with any of the requirements

25、prescribed in this part or the applicable MBS Guide, as determined by the Asso-ciation, the Association may, among other things, withhold further commit-ments to guarantee securities until such time as the Association is satis-fied that the issuer has resumed busi-ness operations in compliance with

26、such requirements. (Approved by the Office of Management and Budget under control numbers 25030003, 25030004, 25030006, 25030007, and 25030026) VerDate Mar2010 10:21 May 10, 2011 Jkt 223078 PO 00000 Frm 00593 Fmt 8010 Sfmt 8010 Y:SGML223078.XXX 223078WReier-Aviles on DSKGBLS3C1PROD with CFRProvided

27、by IHSNot for ResaleNo reproduction or networking permitted without license from IHS-,-,-584 24 CFR Ch. III (4111 Edition) 320.5 320.5 Securities. (a) Instruments. Securities issued pur-suant to the provisions of this subpart must be modified pass-through securi-ties, that provide for payment, wheth

28、er or not collected, of both specified prin-cipal installments and interest on the unpaid principal balance, with all pre-payments and other unscheduled recov-eries of principal being passed through to the holder. In the case of delinquent mortgages in a pool backing modified pass-through securities

29、, the issuer is required to make advances if necessary to maintain the specified schedule of interest and principal payments to the holders, or at its option, at any time 90 days or more after default of any such mortgage, the issuer may repurchase such mortgage for an amount equal to the unpaid pri

30、ncipal balance of the mortgage. The securities, if issued in certificated form, must specify the dates by which payments are to be made to the holders thereof, and must indicate the accounting period for col-lections on the pools mortgages relat-ing to each such payment, and the se-curities, if issu

31、ed in certificated form, must also specify a date on which the entire principal will have been paid or will be payable. (b) Issue amount. Each issue of guar-anteed securities must be in a min-imum face amount as specified in the applicable MBS Guide. The total face amount of any issue of securities

32、can-not exceed the aggregate unpaid prin-cipal balances of the mortgages in the pool. The Association may provide for issuers to submit packages of mort-gages that may be consolidated, with other packages of similar types of mortgages, into multiple issuer pools. (c) Reserved (d) Transferability. Se

33、curities are transferable, but the share of the pro-ceeds collected on account of the pool of mortgages is payable only to the registered holder of a security accord-ing to the policies established by the Association. (e) Issue Date. Securities backed by single-family mortgages with issue dates of O

34、ctober 1, 1998, or before, se-rial notes with issue dates of July 1, 2002, or before, and securities backed by multifamily mortgages with issue dates of February 1, 2002, or before, have been issued in certificated form. Securities issued after these dates will be issued in book-entry form. The As-s

35、ociation may approve the issuance of certificated securities for good cause. (f) Delivery. Delivery of uncertificated securities occurs when the book-entry depositorys nominee is registered as the registered owner of the securities on Ginnie Maes central registry. (g) Registered Ownership. Ownership

36、 of mortgage-backed securities issued pursuant to this subpart registered in the name of a Depository shall be con-clusively established by registration in the name of the Depository as owner on the Associations central registry and it shall be unnecessary for a Depos-itory to maintain custody of an

37、y phys-ical certificates evidencing such owner-ship. (h) Payments on Mortgage-Backed Se-curities. Issuers must remit all pay-ments due to holders of mortgage- backed securities such that holders will receive their installments as fol-lows: (1) Payment to a Depository. (i) For all securities register

38、ed in the name of a Depository or the designated nominee for a Depository, issuers are required to make payments in immediately available funds by ACH transaction, Fedwire, or by such other method as directed and/or authorized by the Asso-ciation pursuant to the MBS Guide, in-cluding requiring that

39、issuers maintain funds accounts in institutions that are accessible by debit ACH transactions originated by such Depository or its designee. (ii) Payment must be made by the hour specified in the MBS Guide on the calendar day of the month specified in the MBS Guide for payment on such mortgage-backe

40、d securities (the ap-plicable Payment Date), with adjust-ments to such time as may be specified in the MBS Guide for Payments Dates that do not fall on business days. (2) Payments to other holders. An issuer of mortgage-backed securities that are not registered in the name of a Depository or its nom

41、inee may make payments to a security holder by ACH transaction or Fedwire, provided that it obtains the prior written approval of VerDate Mar2010 10:21 May 10, 2011 Jkt 223078 PO 00000 Frm 00594 Fmt 8010 Sfmt 8010 Y:SGML223078.XXX 223078WReier-Aviles on DSKGBLS3C1PROD with CFRProvided by IHSNot for

42、ResaleNo reproduction or networking permitted without license from IHS-,-,-585 Government National Mortgage Association, HUD 320.12 the holder of such mortgage-backed se-curities. If an issuer begins to make such payments by electronic transfer, it must continue to do so while the se-curities are re

43、gistered in the name of that security holder. If an issuer makes payments on mortgage-backed securi-ties by check, the check must be re-ceived by the security holder not later than the applicable Payment Date each month. (i) Guaranty. The Associations guar-anty described in 320.13 is a guaranty that

44、 payment will be made to the reg-istered owner of securities as reflected in the Associations central registry. The Association makes no other guar-anty, including any guaranty that a Depository will appropriately credit payments to beneficial owners of such mortgage-backed securities. The Asso-ciat

45、ions guarantee of securities pay-able to a Depository or its nominee be-comes effective when the Depository or its nominee is registered as the reg-istered owner of the securities on the Associations central registry. (j) Definition of Depository. As used in this section, Depository means a clear-in

46、g corporation within the meaning of Article 8 of the Uniform Commercial Code, including any Federal Reserve Bank, that maintains systems by which ownership and transfer of inter-ests in mortgage-backed securities are made through the books of such clear-ing corporation. (Approved by the Office of Ma

47、nagement and Budget under control number 25030009) 60 FR 42015, Aug. 14, 1995, as amended at 63 FR 51251, Sept. 24, 1998; 64 FR 34106, June 24, 1999; 66 FR 44265, Aug. 22, 2001; 70 FR 33652, June 8, 2005; 72 FR 49125, Aug. 27, 2007 320.7 Mortgages. Each issue of guaranteed securities must be backed

48、by a separate pool of mortgages which meet the require-ments of the applicable MBS Guide. 320.8 Excess Yield Securities. (a) Definition. Excess Yield Securities are securities backed by the excess servicing income relating to mortgages underlying previously issued Ginnie Mae mortgage-backed securiti

49、es. (b) GNMA guaranty. The Association guarantees the timely payment of in-terest as provided by the terms of the security. 71 FR 32389, June 5, 2006 320.9 Pool administration. The Association will only guarantee securities if the issuer executes a guar-anty agreement or contractual agree-ment in the form prescribed by the As-sociation. Pool administration require-ments are set forth in such agreements or the applicable MBS Guide. (App