cfr_sections
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12 rows where part_number = 202 and title_number = 24 sorted by section_id
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| section_id ▼ | title_number | title_name | chapter | subchapter | part_number | part_name | subpart | subpart_name | section_number | section_heading | agency | authority | source_citation | amendment_citations | full_text |
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| 24:24:2.1.1.2.3.1.37.1 | 24 | Housing and Urban Development | II | B | 202 | PART 202—APPROVAL OF LENDING INSTITUTIONS AND MORTGAGEES | A | Subpart A—General Requirements | § 202.1 Purpose. | HUD | This part establishes minimum standards and requirements for approval by the Secretary of lenders and mortgagees to participate in the Title I and Title II programs. | ||||
| 24:24:2.1.1.2.3.1.37.2 | 24 | Housing and Urban Development | II | B | 202 | PART 202—APPROVAL OF LENDING INSTITUTIONS AND MORTGAGEES | A | Subpart A—General Requirements | § 202.2 Definitions. | HUD | [62 FR 20082, Apr. 24, 1997, as amended at 62 FR 65181, Dec. 10, 1997; 75 FR 20731, Apr. 20, 2010] | Act means the National Housing Act (12 U.S.C. 1702 et seq. ). Claim means a single family insured mortgage for which the Secretary pays an insurance claim within 24 months after the mortgage is insured. Default means a single family insured mortgage in default for 90 or more days within 24 months after the mortgage is insured. Lender or Title I lender means a financial institution that: (a) Holds a valid Title I Contract of Insurance and is approved by the Secretary under this part as a supervised lender under § 202.6, a nonsupervised lender under § 202.7, an investing lender under § 202.9, or a governmental or similar institution under § 202.10; or (b) Is under suspension or held a Title I contract that has been terminated but remains responsible for servicing or selling Title I loans that it holds and is authorized to file insurance claims on such loans. Loan or Title I loan means a loan authorized for insurance under Title I of the Act. Mortgage, Title II mortgage or insured mortgage means a mortgage or loan insured under Title II or Title XI of the Act. Mortgagee or Title II mortgagee means a mortgage lender that is approved to participate in the Title II programs as a supervised mortgagee under § 202.6, a nonsupervised mortgagee under § 202.7, an investing mortgagee under § 202.9, or a governmental or similar institution under 202.10. Multifamily mortgagee means a mortgagee approved to participate only in multifamily Title II programs, except that for purposes of § 202.8(b)(1) the term also means a mortgagee approved to participate in both single family and multifamily Title II programs. Normal rate means the rate of defaults and claims on insured mortgages for the geographic area served by a HUD field office, or other area designated by the Secretary, in which a mortgagee originates mortgages. Origination approval agreement means the Secretary's agreement that a mortgagee is approved to originate single family insured mortgages. Title I program(s) means an insurance program or … | |||
| 24:24:2.1.1.2.3.1.37.3 | 24 | Housing and Urban Development | II | B | 202 | PART 202—APPROVAL OF LENDING INSTITUTIONS AND MORTGAGEES | A | Subpart A—General Requirements | § 202.3 Approval status for lenders and mortgagees. | HUD | [62 FR 20082, Apr. 24, 1997, as amended at 62 FR 30225, June 2, 1997; 62 FR 65181, Dec. 10, 1997; 69 FR 75807, Dec. 17, 2004; 75 FR 20731, Apr. 20, 2010; 78 FR 57060, Sept. 17, 2013] | (a) Initial approval. A lender or mortgagee may be approved for participation in the Title I or Title II programs upon filing a request for approval on a form prescribed by the Secretary and signed by the applicant. The approval form shall be accompanied by such documentation as may be prescribed by the Secretary. (1) Approval is signified by: (i) The Secretary's agreement that the lender or mortgagee is considered approved under the Title I or Title II programs, except as otherwise ordered by the Mortgagee Review Board or an officer or subdivision of the Department to which the Mortgagee Review Board has delegated its power, unless the lender or mortgagee voluntarily relinquishes its approval; (ii) Consent by the lender or mortgagee to comply at all times with the general approval requirements of § 202.5, and with additional requirements governing the particular class of lender or mortgagee for which it was approved as described under subpart B at §§ 202.6 through 202.10; and (iii) Under the Title I program, the issuance of a Contract of Insurance constitutes an agreement between the Secretary and the lender and which governs participation in the Title I program. (2) Limitations on approval: (i) Separate approval as lender or mortgagee is required for participation in the Title I or Title II programs, respectively. Application must be made, and approval will be granted, on the basis of one or both categories of programs, as is appropriate. (ii) Separate approval as mortgagee is required for the Single Family Mortgage Insurance Programs and for the Multifamily Mortgage Insurance Programs. Application must be made, and approval will be granted, on the basis of either or both categories, as is appropriate. (iii) In addition to the requirements for approval as a Title II mortgagee, the Secretary may from time to time issue eligibility requirements for participation in specific programs, such as the Direct Endorsement program. (iv) A Title II mortgagee may be approved to operate either on a nationwide basi… | |||
| 24:24:2.1.1.2.3.1.37.4 | 24 | Housing and Urban Development | II | B | 202 | PART 202—APPROVAL OF LENDING INSTITUTIONS AND MORTGAGEES | A | Subpart A—General Requirements | § 202.4 Request for determination of compliance. | HUD | Pursuant to section 539(a) of the Act, any person may file a request that the Secretary determine whether a lender or mortgagee is in compliance with § 202.12(a) or with provisions of this chapter implementing sections 223(a)(7) and 535 of the Act such as §§ 201.10(g), 203.18d and 203.43(c)(5) of this chapter (only section 535 applies to lenders). The request for determination shall be made to the following address: Department of Housing and Urban Development, Office of Lender Activities and Program Compliance, 451 Seventh Street SW., Washington, DC, 20410. The Secretary shall inform the requestor of the disposition of the request. The Secretary shall publish in the Federal Register the disposition of any case referred by the Secretary to the Mortgagee Review Board. | ||||
| 24:24:2.1.1.2.3.1.37.5 | 24 | Housing and Urban Development | II | B | 202 | PART 202—APPROVAL OF LENDING INSTITUTIONS AND MORTGAGEES | A | Subpart A—General Requirements | § 202.5 General approval standards. | HUD | [75 FR 20732, Apr. 20, 2010; 75 FR 23582, May 4, 2010; 77 FR 51468, Aug. 24, 2012; 78 FR 57060, Sept. 17, 2013; 89 FR 7277, Feb. 2, 2024; 89 FR 30276, Apr. 23, 2024] | To be approved for participation in the Title I or Title II programs, and to maintain approval, a lender or mortgagee shall meet and continue to meet the general requirements of paragraphs (a) through (n) of this section (except as provided in § 202.10(b)) and the requirements for one of the eligible classes of lenders or mortgagees in §§ 202.6 through 202.10. (a) Business form. (1) The lender or mortgagee shall be a corporation or other chartered institution, a permanent organization having succession, or a partnership. A partnership must meet the requirements of paragraphs (a)(1)(i) through (iv) of this section. (i) Each general partner must be a corporation or other chartered institution consisting of two or more persons. (ii) One general partner must be designated as the managing general partner. The managing general partner shall comply with the requirements of paragraphs (b), (c), and (f) of this section. The managing general partner must have as its principal activity the management of one or more partnerships, all of which are mortgage lenders or property improvement or manufactured home lenders, and must have exclusive authority to deal directly with the Secretary on behalf of each partnership. Newly admitted partners must agree to the management of the partnership by the designated managing general partner. If the managing general partner withdraws or is removed from the partnership for any reason, a new managing general partner shall be substituted, and the Secretary shall be immediately notified of the substitution. (iii) The partnership agreement shall specify that the partnership shall exist for the minimum term of years required by the Secretary. All insured mortgages and Title I loans held by the partnership shall be transferred to a lender or mortgagee approved under this part prior to the termination of the partnership. The partnership shall be specifically authorized to continue its existence if a partner withdraws. (iv) The Secretary must be notified immediately of any amendments to the… | |||
| 24:24:2.1.1.2.3.2.37.1 | 24 | Housing and Urban Development | II | B | 202 | PART 202—APPROVAL OF LENDING INSTITUTIONS AND MORTGAGEES | B | Subpart B—Classes of Lenders and Mortgagees | § 202.6 Supervised lenders and mortgagees. | HUD | [75 FR 20734, Apr. 20, 2010, as amended by 78 FR 57060, Sept. 17, 2013] | (a) Definition. A supervised lender or mortgagee is a financial institution that is a member of the Federal Reserve System or an institution whose accounts are insured by the Federal Deposit Insurance Corporation or the National Credit Union Administration. A supervised mortgagee may submit applications for mortgage insurance. A supervised lender or mortgagee may originate, purchase, hold, service or sell loans or insured mortgages, respectively. (b) Additional requirements. In addition to the general approval requirements in § 202.5, a supervised lender or mortgagee shall meet the following requirements: (1) Net worth. The net worth requirements appear in § 202.5(n). (2) Notification. A lender or mortgagee shall promptly notify the Secretary in the event of termination of its supervision by its supervising agency. (3) Fidelity bond. A Title II mortgagee shall have fidelity bond coverage and errors and omissions insurance acceptable to the Secretary and in an amount required by the Secretary, or have alternative insurance coverage, approved by the Secretary, that assures the faithful performance of the responsibilities of the mortgagee. (4) Audit report. Except as provided in paragraph (c) of this section, a lender or mortgagee must: (i) Comply with the financial reporting requirements in 24 CFR part 5, subpart H. Audit reports shall be based on audits performed by a certified public accountant, or by an independent public accountant licensed by a regulatory authority of a State or other political subdivision of the United States on or before December 31, 1970, and shall include: (A) Financial statements in a form acceptable to the Secretary, including a balance sheet and a statement of operations and retained earnings, a statement of cash flows, an analysis of the lender's or mortgagee's net worth adjusted to reflect only assets acceptable to the Secretary, and an analysis of escrow funds; and (B) Such other financial information as the Secretary may require to determine the accuracy and vali… | |||
| 24:24:2.1.1.2.3.2.37.2 | 24 | Housing and Urban Development | II | B | 202 | PART 202—APPROVAL OF LENDING INSTITUTIONS AND MORTGAGEES | B | Subpart B—Classes of Lenders and Mortgagees | § 202.7 Nonsupervised lenders and mortgagees. | HUD | [62 FR 20082, Apr. 24, 1997, as amended at 62 FR 65182, Dec. 10, 1997; 63 FR 9742, Feb. 26, 1998; 63 FR 44361, Aug. 18, 1998; 67 FR 53451, Aug. 15, 2002; 77 FR 51468, Aug. 24, 2012] | (a) Definition. A nonsupervised lender or mortgagee is a lending institution which has as its principal activity the lending or investing of funds in real estate mortgages, consumer installment notes, or similar advances of credit, or the purchase of consumer installment contracts, and which is not approved under any other section of this part. A nonsupervised mortgagee may submit applications for mortgage insurance. A nonsupervised lender or mortgagee may originate, purchase, hold, service or sell insured loans or mortgages, respectively. (b) Additional requirements. In addition to the general approval requirements in § 202.5, a nonsupervised lender or mortgagee shall meet the following requirements: (1) Net worth and liquid assets. The net worth and liquidity requirements appear in § 202.5(n). (2) Credit source —(i) Title I. A lender shall have and maintain a reliable warehouse line of credit or other funding program acceptable to the Secretary of not less than $500,000 for use in originating or purchasing Title I loans. (ii) Title II. Except for multifamily mortgagees, a mortgagee shall have a warehouse line of credit or other mortgage funding program acceptable to the Secretary which is adequate to fund the mortgagee's average 60 day origination operations, but in no event shall the warehouse line of credit or funding program be less than $1,000,000. (3) Audit report. (i) A lender or mortgagee must comply with the financial reporting requirements in 24 CFR part 5, subpart H. Audit reports shall be based on audits performed by a certified public accountant, or by an independent public accountant licensed by a regulatory authority of a State or other political subdivision of the United States on or before December 31, 1970, and shall include: (A) A financial statement in a form acceptable to the Secretary, including a balance sheet and a statement of operations and retained earnings, a statement of cash flows, an analysis of the mortgagee's net worth adjusted to reflect only assets acceptable… | |||
| 24:24:2.1.1.2.3.2.37.3 | 24 | Housing and Urban Development | II | B | 202 | PART 202—APPROVAL OF LENDING INSTITUTIONS AND MORTGAGEES | B | Subpart B—Classes of Lenders and Mortgagees | § 202.8 Sponsored third-party originators. | HUD | [75 FR 20734, Apr. 20, 2010, as amended at 77 FR 51468, Aug. 24, 2012] | (a) Definitions — Sponsor. (1) With respect to Title I programs, a sponsor is a lender that holds a valid Title I Contract of Insurance and meets the net worth requirement for the class of lender to which it belongs. (2) With respect to Title II programs, a sponsor is a mortgagee that holds a valid origination approval agreement, is approved to participate in the Direct Endorsement program, and meets the net worth requirement for the class of mortgagee to which it belongs. (3) Each sponsor shall be responsible to the Secretary for the actions of its sponsored third-party originators or mortgagees in originating loans or mortgages, unless applicable law or regulation requires specific knowledge on the part of the party to be held responsible. If specific knowledge is required, the Secretary will presume that a sponsor has knowledge of the actions of its sponsored third-party originators or mortgagees in originating loans or mortgages and the sponsor is responsible for those actions unless it can rebut the presumption with affirmative evidence. Sponsored third-party originator. A sponsored third-party originator may hold a Title I Contract of Insurance or Title II Origination Approval Agreement if it is an FHA-approved lender or mortgagee. If the sponsored third-party originator is not an FHA-approved lender or mortgagee, then the sponsored third-party originator may not hold a Title I Contract of Insurance or Title II Origination Approval Agreement. A sponsored third-party originator is authorized to originate Title I direct loans or Title II mortgage loans for sale or transfer to a sponsor or sponsors, as defined in this section, that holds a valid Title I Contract of Insurance or Title II Origination Approval Agreement and is not under suspension, subject to the sponsor determining that the third-party originator has met the eligibility criteria of paragraph (b) of this section. (b) Eligibility to originate loans to be insured by FHA. A sponsored third-party originator may originate loans to be insured … | |||
| 24:24:2.1.1.2.3.2.37.4 | 24 | Housing and Urban Development | II | B | 202 | PART 202—APPROVAL OF LENDING INSTITUTIONS AND MORTGAGEES | B | Subpart B—Classes of Lenders and Mortgagees | § 202.9 Investing lenders and investing mortgagees. | HUD | [62 FR 20082, Apr. 24, 1997, as amended at 63 FR 9742, Feb. 26, 1998; 75 FR 20734, Apr. 20, 2010; 89 FR 30277, Apr. 23, 2024] | (a) Definition. An investing lender or investing mortgagee is an organization that is not approved as a supervised lender or mortgagee under § 202.6, a nonsupervised lender or mortgagee under § 202.7, or a governmental or similar institution under § 202.10. An investing lender or investing mortgagee may purchase, hold, or sell Title I loans or Title II mortgages, respectively, but may not originate Title I loans or Title II mortgages in its own name or submit applications for the insurance of mortgages. An investing lender or investing mortgagee may not service Title I loans or Title II mortgages without prior approval of the Secretary. (b) Additional requirements. In addition to the general approval requirements in § 202.5, an investing lender or investing mortgagee shall meet the following requirements: (1) Funding arrangements. An investing lender or investing mortgagee shall have, or have made arrangements for, funds sufficient to support a projected investment of at least $1,000,000 in property improvement, manufactured home or real estate loans or mortgages. (2) Officers and staff. In lieu of the staffing and facilities requirements in § 202.5(b), an investing lender or investing mortgagee shall have officers or employees who are capable of managing its activities in purchasing, holding, and selling Title I loans or Title II mortgages. (3) Fidelity bond. An investing lender or investing mortgagee shall maintain fidelity bond coverage and errors and omissions insurance acceptable to the Secretary and in an amount required by the Secretary, or alternative insurance coverage approved by the Secretary, that assures the faithful performance of the responsibilities of the mortgagee. (4) Audit report. An investing lender or mortgagee must comply with the financial reporting requirements in24 CFR part 5, subpart H. Audit reports shall be based on audits performed by a certified public accountant, or by an independent public accountant licensed by a regulatory authority of a State or other political… | |||
| 24:24:2.1.1.2.3.2.37.5 | 24 | Housing and Urban Development | II | B | 202 | PART 202—APPROVAL OF LENDING INSTITUTIONS AND MORTGAGEES | B | Subpart B—Classes of Lenders and Mortgagees | § 202.10 Governmental institutions, Government-sponsored enterprises, public housing agencies and State housing agencies. | HUD | [62 FR 20082, Apr. 24, 1997, as amended at 80 FR 75936, Dec. 7, 2015; 89 FR 30277, Apr. 23, 2024] | (a) Federal, state, and municipal governmental agencies and Federal Reserve Banks. A Federal, State, or municipal government agency or a Federal Reserve Bank may be an approved lender or mortgagee. A mortgagee approved under this paragraph (a) may submit applications for Title II mortgage insurance. A lender or mortgagee approved under this paragraph (a) may originate, purchase, service, or sell Title I loans and insured mortgages, respectively. A mortgagee or lender approved under this paragraph (a) is not required to meet a net worth requirement. A lender or mortgagee shall maintain fidelity bond coverage and errors and omissions insurance acceptable to the Secretary and in an amount required by the Secretary, or alternative insurance coverage approved by the Secretary, that assures the faithful performance of the responsibilities of the mortgagee. There are no additional requirements beyond the general approval requirements in § 202.5 or as provided under paragraph (c) of this section. (b) Government-Sponsored Enterprises. The Government-Sponsored Enterprises are the Federal Home Loan Banks, Federal Home Loan Mortgage Corporation, and Federal National Mortgage Association. A Government-Sponsored Enterprise may be an approved lender or mortgagee. A lender or mortgagee approved under this paragraph (b) may purchase, service, or sell Title I loans and insured mortgages, respectively. A mortgagee or lender approved under this paragraph (b) is not required to meet a net worth requirement. There are no additional requirements beyond the general approval requirements in § 202.5. (c) Public housing agencies and State housing agencies. Under such terms and conditions as the Secretary may prescribe and notwithstanding the general requirements of § 202.5 or the requirements of paragraph (a) of this section, a public housing agency or its instrumentality or a State housing agency may be approved as a mortgagee for the purpose of originating and holding multifamily mortgages funded by issuance of tax exempt obligat… | |||
| 24:24:2.1.1.2.3.3.37.1 | 24 | Housing and Urban Development | II | B | 202 | PART 202—APPROVAL OF LENDING INSTITUTIONS AND MORTGAGEES | C | Subpart C—Title I and Title II Specific Requirements | § 202.11 Title I. | HUD | [75 FR 20734, Apr. 20, 2010] | (a) Types of administrative action. In addition to termination of the Contract of Insurance, certain sanctions may be imposed under the Title I program. The administrative actions that may be applied are set forth in 24 CFR part 25. Civil money penalties may be imposed against Title I lenders and mortgagees pursuant to 24 CFR part 30. (b) Grounds for action. Administrative actions shall be based upon both the grounds set forth in 24 CFR part 25 and as follows: (1) Failure to properly supervise and monitor dealers under the provisions of part 201 of this title; (2) Exhaustion of the general insurance reserve established under part 201 of this title; (3) Maintenance of a Title I claims/loan ratio representing an unacceptable risk to the Department; or (4) Transfer of a Title I loan to a party that does not have a valid Title I Contract of Insurance. | |||
| 24:24:2.1.1.2.3.3.37.2 | 24 | Housing and Urban Development | II | B | 202 | PART 202—APPROVAL OF LENDING INSTITUTIONS AND MORTGAGEES | C | Subpart C—Title I and Title II Specific Requirements | § 202.12 Title II. | HUD | [62 FR 20082, Apr. 24, 1997, as amended at 75 FR 20734, Apr. 20, 2010; 77 FR 51469, Aug. 24, 2012] | (a) Tiered pricing —(1) General requirements —(i) Prohibition against excess variation. The customary lending practices of a mortgagee for its single family insured mortgages shall not provide for a variation in mortgage charge rates that exceed 2 percentage points. A variation is determined as provided in paragraph (a)(6) of this section. (ii) Customary lending practices. The customary lending practices of a mortgagee include all single family insured mortgages originated by the mortgagee, including mortgages that were originated by the mortgagee's sponsored third-party originator(s). (iii) Basis for permissible variations. Any variations in the mortgage charge rate up to two percentage points under the mortgagee's customary lending practices must be based on actual variations in fees or cost to the mortgagee to make the mortgage loan, which shall be determined after accounting for the value of servicing rights generated by making the loan and other income to the mortgagee related to the loan. Fees or costs must be fully documented for each specific loan. (2) Area. For purposes of this section, an area is: (i) An area used by HUD for purposes of § 203.18(a) of this chapter to determine the median 1-family house price for an area; or (ii) The area served by a HUD field office but excluding any area included in paragraph (a)(2)(i) of this section. (3) Mortgage charges. Mortgage charges include any charges under the mortgagee's control and not collected for the benefit of third parties. Examples are interest, discount points and origination fees. (4) Interest rate. Whenever a mortgagee offers a particular interest rate for a mortgage type in an area, it may not restrict the availability of the rate in the area on the basis of the principal amount of the mortgage. A mortgagee may not direct mortgage applicants to any specific interest rate category on the basis of mortgage size. (5) Mortgage charge rate. The mortgage charge rate is defined as the amount of mortgage charges for a mortgage expr… |
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CREATE TABLE cfr_sections (
section_id TEXT PRIMARY KEY,
title_number INTEGER,
title_name TEXT,
chapter TEXT,
subchapter TEXT,
part_number TEXT,
part_name TEXT,
subpart TEXT,
subpart_name TEXT,
section_number TEXT,
section_heading TEXT,
agency TEXT,
authority TEXT,
source_citation TEXT,
amendment_citations TEXT,
full_text TEXT
);
CREATE INDEX idx_cfr_title ON cfr_sections(title_number);
CREATE INDEX idx_cfr_part ON cfr_sections(part_number);
CREATE INDEX idx_cfr_agency ON cfr_sections(agency);