cfr_sections
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25 rows where part_number = 207 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 24:24:2.1.1.2.7.1.149.1 | 24 | Housing and Urban Development | II | B | 207 | PART 207—MULTIFAMILY HOUSING MORTGAGE INSURANCE | A | Subpart A—Eligibility Requirements | § 207.1 Eligibility requirements. | HUD | [61 FR 14405, Apr. 1, 1996] | The eligibility requirements set forth in 24 CFR part 200, subpart A, apply to multifamily project mortgages insured under section 207 of the National Housing Act (12 U.S.C. 1713), as amended. | |||
| 24:24:2.1.1.2.7.2.149.1 | 24 | Housing and Urban Development | II | B | 207 | PART 207—MULTIFAMILY HOUSING MORTGAGE INSURANCE | B | Subpart B—Contract Rights and Obligations | § 207.251 Definitions. | HUD | As used in this subpart: (a) The term Commissioner means the Federal Housing Commissioner. (b) The term act means the National Housing Act, as amended. (c) The term mortgage means such a first lien upon real estate and other property as is commonly given to secure advances on, or the unpaid purchase price of, real estate under the laws of the State, district or territory in which the real estate is located, together with the credit instrument or instruments, if any, secured thereby. In any instance where an operating loss loan is involved, the term shall include both the original mortgage and the instrument securing the operating loss loan. (d) The term insured mortgage means a mortgage which has been insured by the endorsement of the credit instrument by the Commissioner, or his duly authorized representative. (e) The term contract of insurance means the agreement evidenced by such endorsement and includes the terms, conditions and provisions of this part and of the National Housing Act. (f) The term mortgagor means the original borrower under a mortgage and its successors and such of its assigns as are approved by the Commissioner. (g) The term mortgagee means the original lender under a mortgage its successors and such of its assigns as are approved by the Commissioner, and includes the holders of the credit instruments issued under a trust indenture, mortgage or deed of trust pursuant to which such holders act by and through a trustee therein named. | ||||
| 24:24:2.1.1.2.7.2.149.10 | 24 | Housing and Urban Development | II | B | 207 | PART 207—MULTIFAMILY HOUSING MORTGAGE INSURANCE | B | Subpart B—Contract Rights and Obligations | § 207.254 Changes in premiums; manner of publication. | HUD | [66 FR 35073, July 2, 2001] | Notice of future premium changes will be published in the Federal Register. The Department will propose MIP changes for multifamily mortgage insurance programs and provide a 30-day public comment period for the purpose of accepting comments on whether the proposed changes are appropriate. After the comments have been considered, the Department will publish a final notice announcing the premiums for each program and their effective date. The provisions of paragraph (g) of 24 CFR 207.252 shall apply to any notice of future premium changes published pursuant to this section. | |||
| 24:24:2.1.1.2.7.2.149.2 | 24 | Housing and Urban Development | II | B | 207 | PART 207—MULTIFAMILY HOUSING MORTGAGE INSURANCE | B | Subpart B—Contract Rights and Obligations | § 207.252 First, second and third premiums. | HUD | [66 FR 35072, July 2, 2001] | The mortgagee, upon the initial endorsement of the mortgage for insurance, shall pay to the Commissioner a first mortgage insurance premium equal to not less than one-fourth of one percent nor more than one percent as the Secretary shall determine of the original face amount of the mortgage. The specific premium to be charged will be set forth in Federal Register notice. (a) If the date of the first principal payment is more than one year following the date of such initial insurance endorsement, the mortgagee, upon the anniversary of such insurance date, shall pay a second premium equal to not less than one-fourth of one percent nor more than one percent as the Secretary shall determine of the original face amount of the mortgage. On the date of the first principal payment, the mortgagee shall pay a third premium equal to not less than one-fourth of one percent nor more than one percent of the average outstanding principal obligation of the mortgage for the following year which shall be adjusted so as to accord with such date and so that the aggregate of the said three premiums shall equal the sum of: (1) One percent of the average outstanding principal obligation of the mortgage for the year following the date of initial insurance endorsement; and (2) Not less than one-fourth of one percent nor more than one percent per annum as the Secretary shall determine of the average outstanding principal obligation of the mortgage for the period from the first anniversary of the date of initial insurance endorsement to one year following the date of the first principal payment. (b) If the date of the first principal payment is one year, or less than one year following the date of such initial insurance endorsement, the mortgagee, upon such first principal payment date, shall pay a second premium equal to not less than one-fourth of one percent nor more than one percent as the Secretary shall determine of the average outstanding principal obligation of the mortgage for the following year which shall be adjusted so as… | |||
| 24:24:2.1.1.2.7.2.149.3 | 24 | Housing and Urban Development | II | B | 207 | PART 207—MULTIFAMILY HOUSING MORTGAGE INSURANCE | B | Subpart B—Contract Rights and Obligations | § 207.252a Premiums—operating loss loans. | HUD | [66 FR 35073, July 2, 2001] | (a) The mortgagee, upon the insurance endorsement of the increase loan credit instrument covering the operating loss loan, shall pay to the Commissioner a first mortgage insurance premium of not less than one-fourth of one percent nor more than one percent as the Secretary shall determine of the original amount of the loan. (b) The provisions of paragraphs (d), (e), (f) and (g) of Sec. 207.252 shall apply to operating loss loans. | |||
| 24:24:2.1.1.2.7.2.149.4 | 24 | Housing and Urban Development | II | B | 207 | PART 207—MULTIFAMILY HOUSING MORTGAGE INSURANCE | B | Subpart B—Contract Rights and Obligations | § 207.252b Premiums—mortgages insured pursuant to section 223(f) of the Act. | HUD | [40 FR 10177, Mar. 5, 1975] | (a) The mortgagee, upon the initial-final endorsement of the mortgage for insurance pursuant to a Commitment to Insure Upon Completion issued in accordance with § 207.32a, shall pay to the Commissioner a first mortgage insurance premium equal to one percent of the original face amount of the mortgage. (b) The mortgagee, on the date of the first principal payment, shall pay a second premium equal to one percent of the average outstanding principal obligation of the mortgage for the year following such first principal payment date which shall be adjusted as of that date so that the aggregate of the first and second premiums shall equal the sum of one percent per annum of the average outstanding principal obligation of the mortgage for the period from the date of the insurance endorsement to one year following the date of the first principal payment. (c) The provisions of paragraphs (d), (e) and (f) of § 207.252 shall apply to mortgages insured pursuant to section 223(f) of the Act. | |||
| 24:24:2.1.1.2.7.2.149.5 | 24 | Housing and Urban Development | II | B | 207 | PART 207—MULTIFAMILY HOUSING MORTGAGE INSURANCE | B | Subpart B—Contract Rights and Obligations | § 207.252c Premiums—mortgages insured pursuant to section 238(c) of the Act. | HUD | [42 FR 59674, Nov. 18, 1977] | All of the provisions of §§ 207.252 and 207.252a governing mortgage insurance premiums shall apply to mortgages insured under this subpart pursuant to section 238(c) of the Act except that all mortgage insurance premiums due on such mortgages in accordance with §§ 207.252 and 207.252a shall be calculated on the basis of one percent. | |||
| 24:24:2.1.1.2.7.2.149.6 | 24 | Housing and Urban Development | II | B | 207 | PART 207—MULTIFAMILY HOUSING MORTGAGE INSURANCE | B | Subpart B—Contract Rights and Obligations | § 207.252d Mortgagee's late charge. | HUD | [43 FR 60154, Dec. 26, 1978, as amended at 44 FR 23067, Apr. 18, 1979] | Mortgage insurance premiums which are paid to the Commissioner more than 15 days after the billing date or due date, whichever is later, shall include a late charge of 4 percent of the amount of the payment due, except that no late charge shall be required with respect to any case for which HUD fails to render a proper billing to the mortgagee. | |||
| 24:24:2.1.1.2.7.2.149.7 | 24 | Housing and Urban Development | II | B | 207 | PART 207—MULTIFAMILY HOUSING MORTGAGE INSURANCE | B | Subpart B—Contract Rights and Obligations | § 207.252e Method of payment of mortgage insurance premiums. | HUD | [63 FR 1303, Jan. 8, 1998] | In the cases that the Commissioner deems appropriate, the Commissioner may require, by means of instructions communicated to all affected mortgagees, that mortgage insurance premiums be remitted electronically. | |||
| 24:24:2.1.1.2.7.2.149.8 | 24 | Housing and Urban Development | II | B | 207 | PART 207—MULTIFAMILY HOUSING MORTGAGE INSURANCE | B | Subpart B—Contract Rights and Obligations | § 207.253 Termination by prepayment and voluntary termination. | HUD | [37 FR 8662, Apr. 29, 1972] | All rights under the insurance contract and all obligations to pay future insurance premiums shall terminate on the following conditions: (a) Termination by prepayment. Notice of the prepayment in full of the mortgage or loan shall be given to the Commissioner, on a form prescribed by the Commissioner, within 30 days from the date of prepayment. The insurance contract shall terminate, effective as of the date of prepayment. No adjusted premium charge shall be due the Commissioner on account of such termination by prepayment. (b) Termination by voluntary agreement. Receipt by the Commissioner of a written request, by the mortgagor and mortgagee or lender for termination of the insurance on the mortgage or loan, on a form prescribed by the Commissioner, accompanied by the original credit instrument for cancellation of the insurance endorsement and the remittance of all sums to which the Commissioner is entitled. The termination shall become effective as of the date these requirements are met. No voluntary termination charge shall be due the Commissioner on account of such termination by voluntary agreement. (c) Upon termination of the mortgage or loan insurance contract by a payment in full or by a voluntary termination, the Commissioner shall refund to the mortgagee or lender for the account of the mortgagor or borrower an amount equal to the pro rata portion of the current annual mortgage insurance premium theretofore paid, which is applicable to the portion of the year subsequent to (1) the date of the prepayment or (2) the effective date of the voluntary termination of the contract of insurance. (d) Notwithstanding any provision in the mortgage instrument, this section shall apply to all mortgage or loan insurance contracts terminated by either prepayment or voluntary termination where: (1) The mortgage is prepaid in full or (2) the Commissioner receives a request for voluntary termination, on or after May 1, 1972. | |||
| 24:24:2.1.1.2.7.2.149.9 | 24 | Housing and Urban Development | II | B | 207 | PART 207—MULTIFAMILY HOUSING MORTGAGE INSURANCE | B | Subpart B—Contract Rights and Obligations | § 207.253a Termination of insurance contract. | HUD | [36 FR 24537, Dec. 22, 1971, as amended at 37 FR 8662, Apr. 29, 1972] | (a) Reason for termination. The happening of any of the following events shall constitute an additional reason for terminating the contract of insurance in cases where the mortgagee has elected to convey the property to the Commissioner: (1) The acquisition by the mortgagee of the mortgaged property without conveying it to the Commissioner. (2) The acquisition of the property at the foreclosure sale by a party other than the mortgagee. (3) The redemption of the property after foreclosure. (4) Notice given by the mortgagee after the foreclosure and during the redemption period that it will not tender the property to the Commissioner. (b) Notice of termination. No contract of insurance shall be terminated until the mortgagee has given written notice thereof to the Commissioner within 30 days from the happening of any one of the events set forth in paragraph (a) of this section. (c) Effective termination date. The Commissioner shall notify the mortgagee that the contract of insurance has been terminated and the effective termination date. The termination shall be effective as of the date any one of the events set forth in paragraph (a) of this section occur. (d) Effect of termination. Upon termination of the contract of insurance the obligation to pay any subsequent MIP shall cease and all rights of the mortgagor and mortgagee shall be terminated. | |||
| 24:24:2.1.1.2.7.2.150.11 | 24 | Housing and Urban Development | II | B | 207 | PART 207—MULTIFAMILY HOUSING MORTGAGE INSURANCE | B | Subpart B—Contract Rights and Obligations | § 207.255 Defaults for purposes of insurance claim. | HUD | [76 FR 24370, May 2, 2011, as amended at 77 FR 55135, Sept. 7, 2012] | (a)(1) Except as provided in paragraph (b) of this section, the following shall be considered a default under the terms of a mortgage insured under this subpart: (i) Failure of the mortgagor to make any payment due under the mortgage (also referred to as a “Monetary Event of Default” in certain mortgage security instruments); or (ii) A material violation of any other covenant under the provisions of the mortgage, if because of such violation, the mortgagee has accelerated the debt, subject to any necessary HUD approval (also referred to as a “Covenant Event of Default” in certain mortgage security instruments). (2) For purposes of a mortgagee filing an insurance claim with the Commissioner, the failure of the mortgagor to make any payment due under an operating loss loan or under the original mortgage shall be considered a default under both the operating loss loan and original mortgage. (3) If a default as defined in paragraphs (a)(1) and (a)(2) of this section continues for a minimum period of 30 days, the mortgagee shall be entitled to receive the benefits of the insurance provided for the mortgage, subject to the procedures in this subpart. (4) For the purposes of paragraph (a) of this section, the date of default shall be: (i) The date of the first failure to make a monthly payment that subsequent payments by the mortgagor are insufficient to cover when those subsequent payments are applied by the mortgagee to the overdue monthly payments in the order in which they became due; or (ii) The date of the first uncorrected violation of a covenant or obligation for which the mortgagee has accelerated the debt. (5) For multifamily project mortgages for which HUD issued a firm commitment for mortgage insurance on or after September 1, 2011, the regulations of paragraph (a) of this section shall apply, unless the mortgagor demonstrates to the satisfaction of the Commissioner that financial hardship to the mortgagor would result from application of the regulations in paragraph (a) of this section due to the re… | |||
| 24:24:2.1.1.2.7.2.150.12 | 24 | Housing and Urban Development | II | B | 207 | PART 207—MULTIFAMILY HOUSING MORTGAGE INSURANCE | B | Subpart B—Contract Rights and Obligations | § 207.256 Notice to the Commissioner of default. | HUD | [76 FR 24370, May 2, 2011] | (a) If a default as defined in § 207.255(a) or (b) is not cured within the grace period of 30 days provided under § 207.255(a)(3) or (b)(3), the mortgagee must, within 30 days after the date of the end of the grace period, notify the Commissioner of the default, in the manner prescribed in 24 CFR part 200, subpart B. (b) The mortgagee must give notice to the Commissioner, in the manner prescribed in 24 CFR part 200, subpart B, of the mortgagor's violation of any covenant, whether or not the mortgagee has accelerated the debt. | |||
| 24:24:2.1.1.2.7.2.150.13 | 24 | Housing and Urban Development | II | B | 207 | PART 207—MULTIFAMILY HOUSING MORTGAGE INSURANCE | B | Subpart B—Contract Rights and Obligations | § 207.256a Reinstatement of defaulted mortgage. | HUD | [76 FR 24370, May 2, 2011] | If, after default and prior to the completion of foreclosure proceedings, the mortgagor cures the default, the insurance shall continue on the mortgage as if a default had not occurred, provided the mortgagee gives notice of reinstatement to the Commissioner, in the manner prescribed in 24 CFR part 200, subpart B. | |||
| 24:24:2.1.1.2.7.2.150.14 | 24 | Housing and Urban Development | II | B | 207 | PART 207—MULTIFAMILY HOUSING MORTGAGE INSURANCE | B | Subpart B—Contract Rights and Obligations | § 207.256b Modification of mortgage terms. | HUD | [76 FR 24370, May 2, 2011] | (a) The mortgagor and the mortgagee may, with the approval of the Commissioner, enter into an agreement that extends the time for curing a default under the mortgage or modifies the payment terms of the mortgage. (b)(1) Except as provided in paragraph (b)(2), the Commissioner's approval of the type of agreement specified in paragraph (a) of this section shall not be given, unless the mortgagor agrees in writing that, during such period as the mortgage continues to be in default, and payments by the mortgagor to the mortgagee are less than the amounts required under the terms of the original mortgage, the mortgagor or mortgagee, as may be appropriate in the particular situation, will hold in trust for disposition, as directed by the Commissioner, all rents or other funds derived from the secured property that are not required to meet actual and necessary expenses arising in connection with the operation of such property, including amortization charges, under the mortgage. (2) For multifamily project mortgages for which HUD issued a firm commitment for mortgage insurance before September 1, 2011, and for multifamily project mortgages insured under section 232 of the Act (12 U.S.C. 1715w), and section 242 (12 U.S.C. 1715z-7), the Commissioner's approval of the type of agreement specified in paragraph (a) of this section shall not be given unless the mortgagor agrees in writing that, during such period as payments to the mortgagee are less than the amounts required under the terms of the original mortgage, the mortgagor will hold in trust for disposition as directed by the Commissioner all rents or other funds derived from the property which are not required to meet actual and necessary expenses arising in connection with the operation of such property, including amortization charges, under the mortgage. (3) For multifamily project mortgages for which HUD issued a firm commitment for mortgage insurance on or after September 1, 2011, the regulations of paragraph (b)(1) of this section shall apply, unless the mortga… | |||
| 24:24:2.1.1.2.7.2.150.15 | 24 | Housing and Urban Development | II | B | 207 | PART 207—MULTIFAMILY HOUSING MORTGAGE INSURANCE | B | Subpart B—Contract Rights and Obligations | § 207.257 Commissioner's right to require acceleration. | HUD | [76 FR 24371, May 2, 2011] | Upon receipt of notice of violation of a covenant, as provided for in § 207.256(b), or otherwise being apprised of the violation of a covenant, the Commissioner reserves the right to require the mortgagee to accelerate payment of the outstanding principal balance due in order to protect the interests of the Commissioner. | |||
| 24:24:2.1.1.2.7.2.150.16 | 24 | Housing and Urban Development | II | B | 207 | PART 207—MULTIFAMILY HOUSING MORTGAGE INSURANCE | B | Subpart B—Contract Rights and Obligations | § 207.258 Insurance claim requirements. | HUD | [36 FR 24537, Dec. 22, 1971, as amended at 44 FR 8195, Feb. 8, 1979; 50 FR 38786, Sept. 25, 1985; 51 FR 27838, Aug. 4, 1986; 64 FR 4770, Jan. 29, 1999; 76 FR 24371, May 2, 2011; 77 FR 55135, Sept. 7, 2012] | (a) Alternative election by mortgagee. (1) When the mortgagee becomes eligible to receive mortgage insurance benefits pursuant to § 207.255(a)(3) or (b)(3), the mortgagee must, within 45 calendar days after the date of eligibility, such period is referred to as the “Eligibility Notice Period” for purposes of this section, give the Commissioner notice of its intention to file an insurance claim and of its election either to assign the mortgage to the Commissioner, as provided in paragraph (b) of this section, or to acquire and convey title to the Commissioner, as provided in paragraph (c) of this section. Notice of this election must be provided to the Commissioner in the manner prescribed in 24 CFR part 200, subpart B. HUD may extend the Eligibility Notice Period at the request of the mortgagee under the following conditions: (i) The request must be made to and approved by HUD prior to the 45th day after the date of eligibility; and (ii) The approval of an extension shall in no way prejudice the mortgagee's right to file its notice of its intention to file an insurance claim and of its election either to assign the mortgage to the Commissioner or to acquire and convey title to the Commissioner within the 45-day period or any extension prescribed by the Commissioner. (2) For mortgages funded with the proceeds of state or local bonds, Ginnie Mae mortgage-backed securities, participation certificates, or other bond obligations specified by the Commissioner (such as an agreement under which the insured mortgagee has obtained the mortgage funds from third-party investors and has agreed in writing to repay such investors at a stated interest rate and in accordance with a fixed repayment schedule), any of which contains a lock-out or prepayment premium, in the event of a default during the term of the prepayment lock-out or prepayment premium, and for any mortgage insured under section 232 of the Act, the mortgagee must: (i) Request a 90-day extension of the deadline for filing the notice of the mortgagee's intent… | |||
| 24:24:2.1.1.2.7.2.150.17 | 24 | Housing and Urban Development | II | B | 207 | PART 207—MULTIFAMILY HOUSING MORTGAGE INSURANCE | B | Subpart B—Contract Rights and Obligations | § 207.258a Title requirements. | HUD | (a) Form of title evidence. The title evidence submitted with a conveyance of the property to the Commissioner shall be in the form of an owner's policy of title insurance, except that, if an abstract and attorney's opinion were accepted by the Commissioner at the time of insurance, the title evidence may be in such form. The title evidence shall be effective on or after the date of the recording of the conveyance to the Commissioner. (b) Content of title evidence. To be satisfactory to the Commissioner, the title evidence covering the property conveyed to him shall show the same title vested in the Commissioner as was vested in the mortgagor as of the date of the mortgage was filed for record, with the exception of such liens or other matters affecting the title as may be approved by the Commissioner. | ||||
| 24:24:2.1.1.2.7.2.150.18 | 24 | Housing and Urban Development | II | B | 207 | PART 207—MULTIFAMILY HOUSING MORTGAGE INSURANCE | B | Subpart B—Contract Rights and Obligations | § 207.258b Partial payment of claim. | HUD | [50 FR 38786, Sept. 25, 1985, as amended at 61 FR 49037, Sept. 17, 1996] | (a) Whenever the Commissioner receives notice under § 207.258 of a mortgagee's intention to file an insurance claim and to assign the mortgage to the Commissioner, the Commissioner may request the mortgagee, in lieu of assignment, to accept partial payment of the claim under the mortgage insurance contract and to recast the mortgage, under such terms and conditions as the Commissioner may determine. (b) The Commissioner may request the mortgagee to participate in a partial payment of claim in lieu of assignment only after a determination that partial payment would be less costly to the Federal government than other reasonable alternatives for maintaining the low- and moderate-income character of the project. This determination shall be based upon the findings listed below and such other findings as the Commissioner deems appropriate: (1) The mortgagee is entitled, under § 207.255, to assign the mortgage in exchange for the payment of insurance benefits; (2) The relief resulting from partial payment, when considered with other resources available to the project, would be sufficient to restore the financial viability of the project; (3) The project is, or can at reasonable cost be made, structurally sound; (4) The management of the project is satisfactory to the Commissioner; and (5) The default under the insured mortgage was beyond the control of the mortgagor. (c) Partial payment of a claim under this section shall be made only when: (1) The project is, or potentially could serve as, a low- and moderate-income housing resource; (2) The property covered by the mortgage is free and clear of all liens other than the insured first mortgage and such other liens as the Commissioner may have approved; (3) The mortgagee has voluntarily agreed to accept partial payment of the insurance claim under the mortgage insurance contract and to recast the remaining mortgage amount under terms and conditions prescribed by the Commissioner; and (4) The mortgagor has agreed to repay to the Commissioner an amount equal to t… | |||
| 24:24:2.1.1.2.7.2.150.19 | 24 | Housing and Urban Development | II | B | 207 | PART 207—MULTIFAMILY HOUSING MORTGAGE INSURANCE | B | Subpart B—Contract Rights and Obligations | § 207.259 Insurance benefits. | HUD | [36 FR 24537, Dec. 22, 1971, as amended at 41 FR 45829, Oct. 18, 1976; 47 FR 26125, June 17, 1982; 49 FR 24654, June 14, 1984; 51 FR 13142, Apr. 17, 1986; 51 FR 27838, Aug. 4, 1986; 57 FR 55112, Nov. 24, 1992; 59 FR 49816, Sept. 30, 1994; 61 FR 49038, Sept. 17, 1996; 71 FR 18153, Apr. 10, 2006; 76 FR 24371, May 2, 2011; 80 FR 51468, Aug. 25, 2015] | (a) Method of payment. (1) Upon either an assignment of the mortgage to the Commissioner or a conveyance of the property to the Commissioner in accordance with requirements in § 207.258, payment of an insurance claim shall be made in cash, in debentures, or in a combination of both, as determined by the Commissioner either at, or prior to, the time of payment. (2) An insurance claim paid on a mortgage insured under section 223(e) of the National Housing Act shall be paid in cash from the Special Risk Insurance Fund. (b) Amount of payment; assignment of mortgage. If the mortgage is assigned to the Commissioner, the insurance benefits shall be paid in an amount determined as follows: (1) By adding to the unpaid principal amount of the mortgage, computed as of the date of default, the following items: (i) The amount of all payments made by the mortgagee for taxes, special assessments and water rates which are liens prior to the mortgage; for insurance on the property; and for any mortgage insurance premiums paid after default. (ii) An allowance for reasonable payments made by the mortgagee, with the approval of the Commissioner, for the completion and preservation of the property. (iii) An amount equivalent to the debenture interest which would have been earned on the portion of the insurance benefits paid in cash, as of the date such cash payment is made, except that when the mortgagee fails to meet any one of the applicable requirements of §§ 207.256 and 207.258 within the specified time and in a manner satisfactory to the Commissioner (or within such further time as the Commissioner may approve in writing), the interest allowance in such cash payment shall be computed only to the date on which the particular required action should have been taken or to which it was extended. (2) By deducting from the total of the items computed under paragraph (b)(1) of this section, the following items: (i) Any amount received by the mortgagee on account of the mortgage after the date of default. (ii) Any net income… | |||
| 24:24:2.1.1.2.7.2.150.20 | 24 | Housing and Urban Development | II | B | 207 | PART 207—MULTIFAMILY HOUSING MORTGAGE INSURANCE | B | Subpart B—Contract Rights and Obligations | § 207.259a Waiver of title objection; mortgages formerly Commissioner-held. | HUD | If the Commissioner sells a mortgage and such mortgage is later reassigned to him in exchange for debentures or the property covered by such mortgage is later conveyed to him in exchange for debentures, the Commissioner will not object to title by reason of any lien or other adverse interest that was senior to the mortgage on the date of the original sale of such mortgage by the Commissioner. | ||||
| 24:24:2.1.1.2.7.2.150.21 | 24 | Housing and Urban Development | II | B | 207 | PART 207—MULTIFAMILY HOUSING MORTGAGE INSURANCE | B | Subpart B—Contract Rights and Obligations | § 207.260 Maintenance and inspection of property. | HUD | [63 FR 46578, Sept. 1, 1998] | As long as the mortgage is insured or held by the Commissioner, the mortgagor must maintain the insured project in accordance with the physical condition requirements in 24 CFR part 5, subpart G; and the mortgagee must inspect the project in accordance with the physical inspection requirements in 24 CFR part 5, subpart G. | |||
| 24:24:2.1.1.2.7.2.150.22 | 24 | Housing and Urban Development | II | B | 207 | PART 207—MULTIFAMILY HOUSING MORTGAGE INSURANCE | B | Subpart B—Contract Rights and Obligations | § 207.261 Capturing excess bond proceeds. | HUD | [79 FR 43933, July 29, 2014] | (a) A mortgagee that finances multifamily housing or healthcare facilities insured under Title II of the National Housing Act through the issuance and sale of bonds or bond anticipation notes and uses a project-specific trust indenture agreement, that clearly outlines the project and identifies by project the trust funds established by and administered in accordance with the terms of the trust indenture, shall: (1) Include the following clause in the trust indenture: In the event of an assignment or conveyance of the mortgage to the Commissioner, subsequent to the issuance of the bonds, all money remaining in all funds and accounts other than the rebate fund, and any other funds remaining under the trust indenture after payment or provision for payment of debt service on the bonds and the fees and expenses of the credit enhancer, issuer, trustee, and other such parties unrelated to the mortgagor (other than funds originally deposited by the mortgagor or related parties on or before the date of issuance of the bonds) shall be returned to the mortgagee. (2) Upon the Commissioner's payment of an FHA mortgage insurance claim under § 207.259, the mortgagee shall take all legally-entitled actions to enforce the clause required by paragraph (a)(1) of this section and pay the Commissioner any trust funds remaining after discharge by the trustee of all obligations of the trust indenture, no later than 6 months after the date of the Commissioner's final settlement of the FHA mortgage insurance claim. (b) For purposes of paragraph (a) of this section, the term “rebate fund” means a separate fund established under a contract or agreement for tax-exempt bonds in which amounts (excess interest earnings from the tax-exempt bonds) must be deposited to make rebate payments to the federal government under the Internal Revenue Code. | |||
| 24:24:2.1.1.2.7.2.151.23 | 24 | Housing and Urban Development | II | B | 207 | PART 207—MULTIFAMILY HOUSING MORTGAGE INSURANCE | B | Subpart B—Contract Rights and Obligations | § 207.263 Responsibility for servicing. | HUD | [57 FR 58350, Dec. 9, 1992] | After January 10, 1994, servicing of insured mortgages must be performed by a mortgagee which is approved by HUD to service insured mortgages. | |||
| 24:24:2.1.1.2.7.2.152.24 | 24 | Housing and Urban Development | II | B | 207 | PART 207—MULTIFAMILY HOUSING MORTGAGE INSURANCE | B | Subpart B—Contract Rights and Obligations | § 207.499 Effect of amendments. | HUD | The regulations in this subpart may be amended by the Commissioner at any time and from time to time, in whole or in part, but such amendment shall not adversely affect the interests of a mortgagee or lender under the contract of insurance on any mortgage or loan already insured and shall not adversely affect the interests of a mortgagee or lender on any mortgage or loan to be insured on which the Commissioner has made a commitment to insure. |
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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);