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 VerDate 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-,-,-
