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The following article was published in our article directory on January 17, 2013.
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What Is Real Estate Mortgage Investment Conduit

Article Category: Advice

Author Name: Mark Aucamp

What is a Real Estate Mortgage Investment Conduit|Mortgage Securitization (REMIC)

In the US, a Real Estate Mortgage Investment Conduit is: Real Estate Mortgage Investment Conduit

a form of mortgage-backed security that allows the income {to be|to become} taxed {only|simply|merely|solely} when {received|acquired|gained|accepted} by the bond {holder|owner|keeper} and not by the entity that {holds|has|keeps|possesses} the right to the mortgages. {Under|Within|Using|With} the {provisions|arrangements} of the Tax Reform Act of 1986, any {corporation|firm|enterprise|organization}, {partnership|joint venture}, trust company or {similar|related} {organization|company|association} may {elect|vote|choose} for Real Estate Mortgage Investment (REMIC) status.

{In order to|So as to|To|If you want to|For you to|For them to} {maintain|preserve|keep|sustain} this status, the real estate mortgage investment conduit, in any form, must {abide by|follow|submit to|consent to|concede|agree to|acknowledge} strict rules. {{For example|For instance|As an example}, it may invest only in 'qualifying mortgages' (generally only first mortgages) and permitted investments (generally short-term interest-bearing investments).|It may invest only in 'qualifying mortgages' ({generally|typically|normally|usually|commonly|ordinarily} only first mortgages) and {permitted|allowed|authorized|granted} investments (generally short-term interest-bearing investments).} {{Also|Additionally|In addition|Furthermore|Moreover|Usually}, it must pass the income from the mortgages through to the holders of the securities (26 USCA, Internal Revenue Code, �§ �§ 860A-- 860G).|It must pass the income from the mortgages through to the {holders|owners} of the securities (26 USCA, Internal Revenue Code, �§ �§ 860A-- 860G).}

{As with|Just like|Similar to|Like} a collateralized mortgage obligation, a Real Estate Mortgage Investment Conduit (REMIC) may be {separated|split up|broken up} into different maturity classes or 'tranches' so that each group of investors receives its {income|earnings|profit} at a different stage, based on the income received from the underlying mortgages, or into {different|various|several} interest rate classes. Most REMIC classes are ...

Real Estate Mortgage Investment Conduit (REMIC) {classes|types} may have an interest rate that changes {periodically|regularly|occasionally|every now and then} over the life of the security (an 'average rate class'); a rate that changes at a floating rate (a 'floating rate class' or 'floater'); or a rate that is adjusted in inverse proportion to a given index or interest rate (an 'inverse floating-rate class' or 'inverse floater').

{{Alternatively|Additionally|Otherwise|As an alternative}, a 'residual interest class' may be created that accumulates payments made by the mortgagors in excess of those {required|needed|called for} to pay the regular bond interest and any payments into a reserve that has been provided to cover deficiencies in regular interest.|A 'residual interest class' may be {created|produced|developed|generated|designed|established|set up} that accumulates payments made by the mortgagors in excess of those {required|needed|demanded} to pay the regular bond interest and any payments into a reserve that has been provided to cover {deficiencies|insufficiencies} in regular interest.} REMIC classes may also be created that enables the {investors|real estate investors|individuals} to receive a constant rate of pre-payments of principal (' planned amortization class').

Keywords: {collateralized mortgage obligation|Commercial Mortgage-Backed Securitisation|mortgage securitization|real estate mortgage investment conduit|REMIC Classes|resecuritization| securitization}

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