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CHAPTER IV-GOVERNMENT NATIONAL MORTGAGE ASSOCIATION, DEPARTMENT OF HOUSING

AND URBAN DEVELOPMENT

SUBCHAPTER A-INTRODUCTION

Part
1600 General.

SUBCHAPTER B-SPECIAL ASSISTANCE FUNCTIONS

1625 Description.
1630 Eligible sellers of mortgages.
1635 Purchase requirements.
1640 Servicing and sales of mortgages.

SUBCHAPTER C-MANAGEMENT AND LIQUIDATING FUNCTIONS 1650 Description. 1655 Mortgage activities. 1660 Fiduciary activities. 1665 Guaranty of mortgage-backed securities.

SUBCHAPTER A-INTRODUCTION

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PART 1600_GENERAL

of the Association are conducted under Sec.

its statutory charter contained in title 1600.1 Scope of chapter.

III of the National Housing Act, 12 U.S.C. 1600.3 Description.

1716 et seq. 1600.5 Creation and status. 1600.7 Area of operations.

$ 1600.7 Area of operations. 1600.9 Offices. 1600.11 Power of attorney.

The Association is authorized to con1600.13 Exceptions.

duct its business in any State of the AUTHORITY: The provisions of this part

United States, the District of Columbia,

TO 1600 issued under sec. 309, 82 Stat. 540; 12

the Commonwealth of Puerto Rico, and U.S.C. 1723a.

the territories and possessions of the

United States. SOURCE: The provisions of this part 1600 appear at 33 F.R. 17903, Dec. 3, 1968, unless

$ 1600.9

Offices. otherwise noted.

The Association directs its operations $ 1600.1 Scope of chapter.

from its office located at 451 Seventh

Street sw., Washington, D.C. 20414. IR This chapter consists of general infor- has made provisions for the carrying on*: 0 mation and does not purport to set forth

of such operations through the Federaf keld all of the procedures and requirements National Mortgage Association (FNMA) ar that apply to the operations of the Asso

The regional offices of FNMA are listed sea ciation. Complete specific information as

below: to any aspect of such operations may be obtained from the regional offices listed

Atlanta, Ga. 30303, 34 Peachtree Street in § 1600.9.

NE.: Alabama, Florida, Georgia, Kentucky,

Mississippi, North Carolina, South Carolina § 1600.3 Description.

Tennessee.
The Government National Mortgage

Chicago, Ill. 60603, 1112 Commonwealth an

Edison Building, 72 West Adams Street: De como Association (hereafter in this chapter linois, Indiana, Iowa, Michigan, Minnesota, iany called the Association) purchases, serv- Nebraska, North Dakota, Ohio, South Dakota

, ices, and sells mortgages insured or guar

Wisconsin.

the anteed by the Federal Housing Adminis

Dallas, Tex. 75201, 411 North Akard Street

: tration (FHA) and the Veterans Admin

Arkansas, Colorado,

To istration (VA), furnishes fiduciary sery

Missouri, New Mexico, Oklahoma, Texas. ices to itself and other departments and

Los Angeles, Calif. 90005, 3540 Wilshire Enio Boulevard:

Alaska, Arizona, California, czu, ir agencies of the Government, and guar- Guam, Hawaii, Idaho, Montana, Nevada, in c antees privately issued securities backed Oregon, Utah, Washington, Wyoming. by trusts or pools of mortgages or loans

Philadelphia, Pa. 19107, 211 South Broad which are insured or guaranteed by FHA

Street: Connecticut, Delaware, District and VA and certain loans insured by the

Columbia, Maine, Maryland, Massachusetts

, Farmers Home Administration.

New Hampshire, New Jersey, New York

Pennsylvania, Puerto Rico, Rhode Island, Alicy $ 1600.5 Creation and status.

Vermont Virgin Islands, Virginia, West ? they

Virginia. The Association is a Government corporation in the Department of Housing

$ 1600.11 Power of attorney. and Urban Development. The origin of

(a) The Association does hereby make, the Association is in the creation on Feb

constitute, and appoint each of the pera ruary 10, 1938, under title III of the Na- sons named in paragraph (c) of this studio tional Housing Act, of the National Mort

section its true and lawful attorney-in. cians gage Association of Washington. On

fact, for the Association and in its name April 11, 1938, its name was changed to

and stead: Federal National Mortgage Association.

(1) To purchase or contract to purEffective November 1, 1954, it was re- chase any note, bond, or other evidence chartered by the Congress as a mixed- of indebtedness and any accompanying ownership corporation. Effective Sep

real estate mortgage, deed to trust tember 1, 1968, it was partitioned by the

security deed, chattel mortgage, or colCongress into two corporations, one of which is the Association. The operations

lateral or security of whatsoever kind or nature, to modify or consent to the mod

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ification of any such contract, and to act or authorize action to enforce any such contract;

(2) To endorse, assign, sell, exchange, amend, modify, extend, release, cancel, or renew any note, bond, check, or other evidence of indebtedness now or hereafter held by the Association, and to release from liability any maker, obligor, or guarantor on any such note, bond, check, or other evidence of indebtedness;

(3) To satisfy, discharge, release, amend, assign, modify, extend, renew, subordinate, foreclose, or liquidate in any legal manner, in whole or in part, any chattel mortgage, real estate mortgage, deed of trust, security deed, or collateral or security of whatsoever kind or nature, securing any note, bond, check, or other evidence of indebtedness now or hereafter held by the Association, and to exercise any right or authority which the Association has or may have pursuant to the terms of any such security instrument or evidence of indebtedness, including any power of appointment contained therein;

(4) To assign, convey, sell, lease, or sublease and to contract for the assignment, conveyance, sale, lease, or sublease of any real estate, chattel, security, or property of any sort or nature, or any interest therein, now held or hereafter acquired by the Association;

(5) To discharge, satisfy release, waive, enforce, compromise, subordinate, or assign, in whole or in part, any judgment now or hereafter entered in favor of, or assigned to, the Association;

(6) To assign, surrender, release, or modify, or consent to the assignment, surrender, release, or modification of, any policy of insurance, or any right arising therefrom, of which the Association now is or hereafter shall become the assignee, beneficiary, or the insured, or in which the Association now has or hereafter may have any interest of any kind or nature; and to execute proof of loss, proof of death, statement of claimant, and any other instrument in connection with any such policy of insurance and any right arising therefrom;

(7) To execute, acknowledge, deliver, file for record, and record any such instrument, and to perform such other act or acts as may be necessary and proper to effectuate the foregoing; and

(8) To designate and appoint in behalf of the Association such other attorneys-in-fact for the Association as he

may deem appropriate for the purpose of releasing or satisfying of record any specific mortgage, deed of trust, security deed, or other security instrument now or hereafter held by the Association.

(b) The Association does further grant unto each of such attorneys-infact, and any other attorney-in-fact designated and appointed pursuant to this section, full power and authority to do and perform all and every act and thing requisite, necessary, and proper to carry into effect the power or powers granted by or under this section as fully, to all intents and purposes, as the Association might or could do, and hereby does ratify and confirm all that each of such attorneys-in-fact, and any other attorney-in-fact designated and appointed pursuant to this section, shall lawfully do or cause to be done by virtue of the power or powers granted by or under this section.

(c) The persons appointed attorneysin-fact by paragraph (a) of this section are:

(1) The Federal National Mortgage Association, a U.S. corporation.

(2) Allan E. Arneson, of Los Angeles, Calif.

(3) [Reserved]
(4) Howard S. Carnes, of Atlanta, Ga.
(5) W. D. Cornwell, of Atlanta, Ga.
(6) [Reserved]
(7) [Reserved]
(8) K. A. Duncan, of Philadelphia, Pa.
(9) (Reserved]
(10) [Reserved]
(11) [Reserved]

(12) Helmer G. Hanson, of Chicago, Ill.

(13) [Reserved]

(14) E. V. Hopkins, of Washington, D.C.

(15) [Reserved]
(16) [Reserved]
(17) Hughes A. King, of Dallas, Tex.

(18) Philip J. Lynch, of Philadelphia, Pa.

(19) Hugh J. McConville, of Dallas, Тех. .

(20) Albert D. Oltman, of Los Angeles, Calif.

(21) Frank W. Pence, of Washington, D.C.

(22) Harry Rode, of Dallas, Tex.

(23) Edward N. Sambol, of Chicago, Ill.

(24) John R. Coryell, of Los Angeles, Calif.

(25) Oliver J. McCarron, of Philadelphia, Pa.

(26) Bert C. Gilbert, of Los Angeles, Calif.

(27) Norbert C. Greene, of Philadelphia, Pa.

(28) John R. Hayes, of Chicago, Ill.
(29) R. P. Martin, of Dallas, Tex.
(30) B. Rhodes, Jr., of Atlanta, Ga.

(31) T. J. Swanson, Jr., of Atlanta,
Ga.
[33 F.R. 17903, Dec. 3, 1968, as amended at 34
F.R. 14027, Sept. 4, 1969; 35 F.R. 5401, Apr. 1,
1970]

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SUBCHAPTER B/SPECIAL ASSISTANCE FUNCTIONS

PART 1625_DESCRIPTION

or by the Congress, the Association an- eat 36 Sec.

nounces the inauguration of Special tant 1625.1 Authority. 1625.3 Mortgages eligible for purchase.

Assistance Programs, specifying the 1625.5 Fees or charges.

types of mortgages that will be pur1625.7 Below-market interest rate mort

chased, the prices to be paid therefor

, znate gages.

and any special acceptability require Res 1625.9 Financing of special assistance

ments relating to such Programs. functions.

§ 1625.5 Fees or charges. AUTHORITY: The provisions of this part 1625 issued under sec. 309, National Housing

Fees or charges for the Association's

113 Act; 12 U.S.C. 1723a.

services under the Special Assistance

Functions are established with the ob- 4 Sell SOURCE: The provisions of this part 1625 appear at 33 F.R. 17904, Dec. 3, 1968, unless

jective that all related costs and ex- with otherwise noted.

penses will be within the income of the stereo

Association derived from the operations (a) $ 1625.1 Authority.

and that such operations will be fully e exec The Special Assistance Functions of

self-supporting. În connection with all and a the Association are authorized by sec

purchases of mortgages, unless otherA to tion 305 of the National Housing Act,

wise specified as to a particular Special De to provide financing for selected types

Assistance Program, the Seller is re- seller of mortgages that qualify under special

quired to pay a Purchase and Marketing pig fe housing programs. The Association also

fee. For the issuance of commitments to chas provides assistance, from time to time,

purchase mortgages in the future

, a kimo through the purchase of home mortgages

Commitment fee is also charged. generally as a means of retarding or

§ 1625.7 Below-market interest rate stopping a decline in mortgage lending mortgages. and home building activities which threatens materially the stability of a

The Association is expressly authorized high level National economy.

to purchase below-market interest rate fa and

mortgages insured under sections 221 $ 1625.3 Mortgages eligible for pur

(d) (3) and 221(h) of the National Houschase.

ing Act. As to these mortgages, Operations under the Special Assist

Association's operations are not required ance Functions are confined, so far as

to be self-supporting. is practicable, to mortgages which are deemed by the Association to be of such

§ 1625.9 Financing of special assistance

functions. quality as to meet, substantially and generally, the purchase standards im

Funds required for operations of the posed by private institutional mortgage

Special Assistance Functions are obinvestors, but which, at the time the

tained primarily by borrowings from the mortgages are offered for purchase, are not necessarily readily acceptable to

Secretary of the Treasury. Additional such investors. When and as authorized

sources of funds are portfolio liquidaby the President of the United States,

tions, sales of certificates of beneficial

interests or participations in mortgages,

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and net earnings. All of the benefits and burdens incident to the administration of the Special Assistance Functions inure solely to the Secretary of the Treasury.

(c) Any other lender, if such lender has a net worth of not less than $100,000 in assets acceptable to the Association. $ 1630.7 FHA-insured mortgages.

In order to be eligible to sell an FHAinsured mortgage to the Association, a Seller must be acceptable to the Association and must be an FHA-approved mortgagee, which term does not include a mortgagee that has been approved on the basis of being a duly authorized loan correspondent of an approved mortgagee qualified with FHA to originate loans under the National Housing Act. $ 1630.9 Governmental instrumentality.

Except with respect to mortgages insured under sections 221 (d) (3) or 221(h) of the National Housing Act, a State, territorial, or municipal instrumentality cannot become an approved Seller. § 1630.11 Termination.

The Association may, upon notice as stipulated in the Selling Agreement, terminate the Agreement in whole or in part in accordance with the terms therein provided.

PART 1630_ELIGIBLE SELLERS OF

MORTGAGES Sec. 1630.1 General. 1630.3 Servicing facilities. 1630.5 VA-guaranteed mortgages. 1630.7 FHA-insured mortgages. 1630.9 Governmental instrumentality. 1630.11 Termination.

AUTHORITY: The provisions of this part 1630 issued under sec. 309, National Housing Act; 12 U.S.C. 1723a.

SOURCE: The provisions of this part 1630 appear at 33 F.R. 17904, Dec. 3, 1968, unless otherwise noted. § 1630.1 General.

Designation of an eligible Seller to sell mortgages to the Association under its Special Assistance Functions is consummated by the execution of a Selling Agreement. $ 1630.3 Servicing facilities.

The Selling Agreement requires the Seller, with respect to each home mortgage offered or submitted for purchase, either (a) to be qualified as a Servicer by the execution of a Servicing Agreement and agree to service the mortgage or (b) to proffer facilities satisfactory to the Association for servicing the mortgage. Sellers are not required to furnish servicing facilities in connection with the purchases by the Association of multifamily mortgages. $ 1630.5 VA-guaranteed mortgages.

In order to be eligible to sell a VAguaranteed mortgage to the Association, a seller must be acceptable to the Association and also must come within one of the following three classifications:

(a) Any lender that is classified by VA as a supervised lender under Chapter 37 of title 38, United States Code, including any National bank, State bank, private bank, building and loan association, insurance company, credit union, or mortgage and loan company, that is subject to examination and supervision by an agency of the United States or of any State, including the District of Columbia;

(b) Any lender that is an FHA-approved mortgagee, as defined in § 1630.7; or

PART 1635—PURCHASE

REQUIREMENTS Sec. 1635.1 Scope of part. 1635.3 General requirements. 1635.5 Ownership. 1635.7 Original mortgagee. 1635.9 Mortgage interest rate. 1635.11 Offering periods. 1635.13 Maximum purchase price. 1635.15 Maximum mortgage amount. 1635.17 Advances by seller. 1635.19 Credit. 1635.21 Property. 1635.23 Occupancy. 1635.25 Mortgage lien. 1635.27 Title evidence. 1635.29 Hazard insurance. 1635.31 Eligibility of VA mortgages.

AUTHORITY: The provisions of this part 1635 issued under sec. 309, National Housing Act; 12 U.S.C. 1723a.

SOURCE: The provisions of this Part 1635 appear at 33 F.R. 17905, Dec. 3, 1968, unless otherwise noted. § 1635.1 Scope of part.

This part describes the general requirements and procedures governing the purchase by the Association of mortgages under the Special Assistance Functions. Other requirements and procedures are set forth in greater detail in the Sellers' Guide of the Association.

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