PubFinCriteria_2006_part1_final1.qxp
Cash flow assumptions In submitting cash flows to Standard & Poor’s, the following assumptions should be made: Lag assumptio ...
Recycling runs include, but are not necessarily limited to: ■Full origination based on worst-case draw/three- year average life ...
Program Management Standard & Poor’s focuses on the responsibilities and capacity of the issuer, trustee and mortgage ser- v ...
Mortgage servicer responsibilities In the typical MRB structure, mortgage servicers are required only to remit mortgage revenues ...
Combined loan to value (CLTV) ratios in excess of 100% Second mortgages add debt associated with a resi- dence, frequently bring ...
Therefore, loss severity for second loans is 100%, resulting in foreclosure frequency percentages, which are rating specific, as ...
The trustee may purchase an MBS with monies in the acquisition fund only after verifying the following: ■After acquisition, the ...
Certain other criteria are specific to the MBS pro- grams. For example, all MBS should be registered in the name of the trustee, ...
days; as well as uncollected court costs, certain attor- ney fees, and recording costs. However, the total amount of claims reim ...
under a stress scenario for similar loans and FHA default statistics. Standard & Poor’s Structured Finance group conducted a ...
Housing 250 Standard & Poor’s Public Finance Criteria 2007 T he security for Federal Housing Administration (FHA)-insured mu ...
Mortgage reserve fund An amount equal to two months of principal and interest on the mortgage covers liquidity shortfalls immedi ...
include: trustee and servicer responsibilities and compensation; legal provisions such as actions to be taken in the event of a ...
the full principal amount of the mortgage note as initially endorsed. ■The FHA may instruct the trustee to retain the remaining ...
■The trustee submits documentation as described in the procedure outlined above. ■If 30 days prior to any interest payment date ...
days after receipt. The servicer should invest all monies held by it in accounts fully insured by the FDIC. Amounts in excess of ...
Cash Flow Analysis Standard & Poor’s analysis of cash flow projections for FHA-insured financings addresses two issues: cash ...
a fast-draw scenario would be requested. In a fast draw, the mortgage would be funded in its entirety at bond closing. According ...
provides an additional 30 days’ coverage during the FHA’s grace period. Although the loan is in default once the payment is miss ...
Ginnie Mae, Fannie Mae, and Freddie Mac Multifamily Securities .................................. S tandard & Poor’s Ratings ...
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