P&I Custodial Account
2 definitions

With respect to a Ginnie Mae Construction Loan Certificate, the non-interest bearing custodial account of the related Ginnie Mae Issuer into which any principal payments, unscheduled payments of principal, and prepayment penalties received on the related Mortgage Loan prior to the applicable Maturity Date are deposited.

FK Reading Ease
-10.1

FK Grade Level
Graduate School
  • Flag
  • With respect to a Ginnie Mae Construction Loan Certificate, the non-interest bearing custodial account of the related Ginnie Mae Issuer into which any principal payments, unscheduled payments of principal, and prepayment penalties received on the related Mortgage Loan prior to the applicable Maturity Date are deposited.

    FK Reading Ease
    -10.1

    FK Grade Level
    Graduate School
  • Flag