“Executive Order”: As defined in Section 3.02(u) hereunder.
“FHA”: The Federal Housing Administration or any successor thereto.
“FHA Insurance”: An insurance policy issued by the FHA with respect to a loan under the applicable section of the National Housing Act.
“FHA Regulations”: With respect to each Mortgage Asset, the regulations, rules and guidelines promulgated under the National Housing Act of 1934, as amended, which is Title 12 of U.S.C., Section 1701 et seq., and any related HUD or FHA issuances relating to such Mortgage Assets, including related handbooks, circulars, notices and mortgagee letters, each of which as may be amended from time to time.
“Final Closing Payment”: An amount equal to 90% of the sum of (a) the Closing Date Stated Principal Balance plus (b) the Closing Date Stated Advance Balance.
“Funding Schedule” means the funding schedule set forth on Schedule II hereto.
“Guides” means any and all applicable rules, regulations, requirements and guidelines of any Agency or Insurer, as the same may be amended from time to time, including but not limited to any HUD HECM Guidelines, the HUD Handbook and HUD HECM Mortgagee Letters.
“HECM Loan”: Any home equity conversion mortgage loan under FHA’s HECM Program identified on the Mortgage Loan Schedule, which includes the related Collateral File, Credit File, and all other rights, benefits, proceeds and obligations arising from or in connection with such loan (other than the related Servicing Rights, which are being retained by Seller).
“HECM Program”: The HUD Home Equity Conversion Mortgage Program.
“HUD”: The United States Department of Housing and Urban Development or any successor thereto.
“HUD Handbook”: The HUD Home Equity Conversion Mortgage Handbook 4235.1 REV-1 and any subsequent revisions thereto.
“HUD HECM Guidelines”: Regulations promulgated by HUD under the National Housing Act, codified in 24 Code of Federal Regulations, and other HUD guidance relating to the HECM Loans, in each case, as may be amended from time to time, and including, without limitation, the HUD HECM Mortgagee Letters.
“HUD HECM Mortgagee Letters”: The letters published by HUD from time to time that, among other things, provide for the implementation and interpretation of, and describe policy matters relating to, the HECM Program and the HUD Handbook.
“Loan Proceeds”: As defined in Section 2.02 hereunder.