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CHAPTER IV-GOVERNMENT NATIONAL MORTGAGE ASSOCIATION, DEPARTMENT OF HOUSING

AND URBAN DEVELOPMENT

Part

SUBCHAPTER A-INTRODUCTION

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.

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The Association is a Government corporation in the Department of Housing and Urban Development. The origin of the Association is in the creation on February 10, 1938, under title III of the National Housing Act, of the National Mortgage Association of Washington. On April 11, 1938, its name was changed to Federal National Mortgage Association. Effective November 1, 1954, it was rechartered by the Congress as a mixedownership corporation. Effective September 1, 1968, it was partitioned by the Congress into two corporations, one of

which is the Association. The operations of the Association are conducted under its statutory charter contained in title III of the National Housing Act, 12 U.S.C. 1716 et seq.

§ 1600.7 Area of operations.

The Association is authorized to conduct its business in any State of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and the territories and possessions of the United States.

§ 1600.9

Offices.

The Association directs its operations from its office located at 451 Seventh Street SW., Washington, D.C. 20414. It has made provisions for the carrying on of such operations through the Federal National Mortgage Association (FNMA). The regional offices of FNMA are listed below:

Atlanta, Ga. 30303, 34 Peachtree Street NE.: Alabama, Florida, Georgia, Kentucky, Mississippi, North Carolina, South Carolina, Tennessee.

Chicago, Ill. 60603, 1112 CommonwealthEdison Building, 72 West Adams Street: Illinois, Indiana, Iowa, Michigan, Minnesota, Nebraska, North Dakota, Ohio, South Dakota, Wisconsin.

Dallas, Tex. 75201, 411 North Akard Street: Arkansas, Colorado, Kansas, Louisiana, Missouri, New Mexico, Oklahoma, Texas.

Los Angeles, Calif. 90005, 3540 Wilshire Boulevard: Alaska, Arizona, California, Guam, Hawaii, Idaho, Montana, Nevada, Oregon, Utah, Washington, Wyoming.

Philadelphia, Pa. 19107, 211 South Broad Street: Connecticut, Delaware, District of Columbia, Maine, Maryland, Massachusetts. New Hampshire, New Jersey, New York, Pennsylvania, Puerto Rico, Rhode Island, Vermont, Virgin Islands, Virginia, West Virginia.

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

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(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.

[33 F.R. 17903, Dec. 3, 1968, as amended at 34 F.R. 14027, Sept. 4, 1969]

Sec. 1625.1 1625.3

1625.5 1625.7

§ 1600.13 Exceptions.

In the conduct of its affairs, in individual cases or classes of cases, the Association reserves the right, consistent with law, without prior notice and at any time, to alter or waive any of the requirements contained in this chapter or elsewhere or to impose other and additional requirements; it further reserves the right, without prior notice and at any time, to amend or rescind any or all of the material set forth herein.

SUBCHAPTER B-SPECIAL ASSISTANCE FUNCTIONS

PART 1625-DESCRIPTION

Authority.

Mortgages eligible for purchase.

Fees or charges.

Below-market interest rate mortgages.

1625.9 Financing of special assistance

functions.

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or by the Congress, the Association announces the inauguration of Special Assistance Programs, specifying the types of mortgages that will be purchased, the prices to be paid therefor, and any special acceptability requirements relating to such Programs.

§ 1625.5 Fees or charges.

Fees or charges for the Association's services under the Special Assistance Functions are established with the objective that all related costs and expenses will be within the income of the Association derived from the operations and that such operations will be fully self-supporting. In connection with all purchases of mortgages, unless otherwise specified as to a particular Special Assistance Program, the Seller is required to pay a Purchase and Marketing fee. For the issuance of commitments to purchase mortgages in the future, a Commitment fee is also charged. § 1625.7

Below-market interest rate

mortgages.

The Association is expressly authorized to purchase below-market interest rate mortgages insured under sections 221 (d) (3) and 221 (h) of the National Housing Act. As to these mortgages, the Association's operations are not required to be self-supporting.

§ 1625.9 Financing of special assistance functions.

Funds required for operations of the Special Assistance Functions are obtained primarily by borrowings from the Secretary of the Treasury. Additional sources of funds are portfolio liquidations, sales of certificates of beneficial interests or participations in mortgages, and net earnings. All of the benefits and

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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

(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.

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