Sec. 3. Definitions
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For purposes of this Act: The term bank and savings association have the meaning given those terms, respectively, under section 3 of the Federal Deposit Insurance Act ( 12 U.S.C. 1813 ). The term certification date means the earlier of— the date on which Ginnie Mae makes the certification described under section 201(h); and the date that is the end of the 2-year period beginning on the date of the enactment of this Act. The term charter Act means— with respect to the Federal National Mortgage Association, the Federal National Mortgage Association Charter Act ( 12 U.S.C. 1716 et seq. ); and with respect to the Federal Home Loan Mortgage Corporation, the Federal Home Loan Mortgage Corporation Act ( 12 U.S.C. 1451 et seq. ).
The term credit union means any Federal credit union or State credit union , as such terms are defined under section 101 of the Federal Credit Union Act ( 12 U.S.C. 1752 ). The term Director means the Director of Ginnie Mae, as such position is established pursuant to the amendments made by section 101(c)(1). The term eligible mortgage means a residential mortgage loan secured by a property with 1 to 4 residential units that— is a qualified mortgage , as such term is defined under section 129C(b)(2)(A) of the Truth in Lending Act ( 15 U.S.C. 1639c ); satisfies standards related to establishing title or marketability of title, as may be required by Ginnie Mae, which standards may include the required purchase of title insurance on the property securing the loan; and satisfies such other minimum standards as may be established by the Platform, to ensure the quality of mortgages used to collateralize mortgage-backed securities issued by the Platform.
The term eligible multifamily mortgage loan means a commercial real estate loan— secured by— multifamily housing; or a property with 2 or more residential units, if the requirement under clause
(i)is waived by the Director for purposes of carrying out a demonstration or pilot program; the primary source of repayment for which is expected to be derived from rental income generated by the property; the term of which may not be less than 5 years but not more than 40 years; that satisfies any additional underwriting criteria established by the Director to balance supporting access to capital with managing credit risk to the Fund, including— a maximum loan-to-value ratio; a minimum debt service coverage ratio; and considerations for restrictive or special uses of a property, including non-residential uses, properties for seniors, manufactured housing, and affordability restrictions, and the impact of such uses on clauses
(i)and (ii); and that satisfies any additional underwriting criteria that may be established by the Director. The term enterprise means— the Federal National Mortgage Association and any affiliate thereof; and the Federal Home Loan Mortgage Corporation and any affiliate thereof. The term Fund means the insurance fund established under section 202(g). The term Ginnie Mae means the Government National Mortgage Association. The term market participant means any insurance company, bank, saving association, credit union, or real estate investment trust insuring or reinsuring any part of a security issued by the Platform. The term multifamily covered security means a security that meets the requirements for guarantee by Ginnie Mae pursuant to section 403. The term multifamily housing means a property having 5 or more residential units. The term participating aggregator means an aggregator of eligible mortgages that collateralize mortgage-backed securities issued by the Platform pursuant to title II. The term Platform means the Issuing Platform established under section 201(a). The term real estate investment trust has the meaning given such term under section 856(a) of the Internal Revenue Code of 1986.
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