Government National Mortgage Association (GNMA)
Definition of "Government National Mortgage Association (GNMA)"
Is a wholly owned government corporation administered by the Department of Housing and Urban Development. It does not by mortgages; it issues pass-through securities in which interest and principal received on a pool of federally insured mortgage loans is paid to the investor. GNMA guarantees the timely payment of principal and interest in the mortgages.
Popular Real Estate Terms
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Provision permitting a lender to charge the borrower a penalty for repaying a loan before its due date. ...
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Last installment payment, substantially greater than the previous installment payments. The unpaid balance of a long-term loan is paid off in a lump sum at the end of the loan term. ...
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