Source: https://www.law.cornell.edu/cfr/text/24/203.268
Timestamp: 2017-08-21 21:30:32
Document Index: 684323242

Matched Legal Cases: ['art 203', '§ 203', '§ 203', '§ 1717', 'art 203', 'arts 203', '§ 203', '§ 203', 'arts 200']

24 CFR 203.268 - Pro rata payment of periodic MIP. | US Law | LII / Legal Information Institute
CFR › Title 24 › Subtitle B › Chapter II › Subchapter B › Part 203 › Subpart B › Section 203.268
24 CFR 203.268 - Pro rata payment of periodic MIP.
§ 203.268 Pro rata payment of periodic MIP.
(a) If the insurance contract is terminated before the due date of the initial MIP, the mortgagee shall pay a portion of the MIP prorated from the beginning of amortization, as defined in § 203.251, to the date of termination.
(b) If the insurance contract is terminated after the due date of the initial MIP, the mortgagee shall pay a portion of the current annual MIP prorated from the due date of the last annual MIP to the date of termination.
(c) A pro rata MIP shall not be due or payable where the mortgagee notifies the Commissioner that foreclosure or other action to acquire the property has been completed and that the property will not be conveyed to the Commissioner in exchange for insurance benefits. Any MIP due and paid after the institution of foreclosure or the date the property was otherwise acquired by the mortgagee will be refunded to the mortgagee upon receipt by the Commissioner of the notice from the mortgagee that the property will not be conveyed to the Commissioner.
[ 48 FR 28805, June 23, 1983, as amended at 61 FR 37801, July 19, 1996]
§ 1717z-21
The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 24 CFR Part 203 after this date.
81 FR 66565 - Project Approval for Single-Family Condominiums
FR Doc. 2016-23258
RIN 2502-AJ30
Docket No. FR-5715-P-01
Comment due date: November 28, 2016.
24 CFR Parts 203 and 234
This proposed rule would implement HUD&apos;s authority under the single-family mortgage insurance provisions of the National Housing Act to insure one-family units in a multifamily project, including a project in which the dwelling units are attached, or are manufactured housing units, semi-detached, or detached, and an undivided interest in the common areas and facilities which serve the project. The rule would codify requirements for Direct Endorsement lenders to meet in order to be approved for the Direct Endorsement Lender Review and Approval Process (DELRAP) authority for condominiums, and basic standards that projects must meet to be approved as condominiums in which individual units would be eligible for mortgage insurance, as well as particular cases such as Single-Unit Approvals and site condominiums. The rule provides a method by which certain approval standards could be varied efficiently to meet market needs while providing for public comment where appropriate. Currently, single-family condominium project approval is provided under HUD&apos;s Condominium Project Approval and Processing Guide and related Mortgagee Letters. Condominiums under this rule are distinct from condominiums in which the project has a blanket mortgage insured by HUD.
80 FR 62510 - Federal Housing Administration (FHA): Single Family Mortgage Insurance Maximum Time Period for Filing Insurance Claims, Curtailment of Interest and Disallowance of Operating Expenses Incurred Beyond Certain Established Timeframes; Partial Withdrawal
FR Doc. 2015-26379
RIN 2502-AJ23
Docket No. FR-5742-N-02
As of October 16, 2015, HUD withdraws the proposed additions of §§ 203.317a and 203.372, and proposed revision to § 203.318, published Monday, July 6, 2015 (80 FR 38410).
This document withdraws part of a proposed rule, published in the Federal Register on July 6, 2015, that proposed to establish a maximum time period within which an FHA-approved mortgagee must file a claim with FHA for insurance benefits, and to revise HUD&apos;s policies concerning the curtailment of interest and the disallowance of certain expenses incurred by a mortgagee as a result of the mortgagee&apos;s failure to timely initiate foreclosure or timely take such other action that is a prerequisite to submission of a claim for insurance. This withdrawal covers only the portion of the proposed rule that would have established the maximum time period within which an FHA-approved mortgagee must file a claim with FHA for insurance benefits.
80 FR 61980 - Federal Housing Administration (FHA): Court of Competent Jurisdiction To Foreclose Liens on FHA-Owned Properties
FR Doc. 2015-26160
Docket No. FR-5823-IA-01
Effective Date: October 15, 2015.
The Federal Housing Administration (FHA) generally acquires title to single family properties when it pays mortgage insurance benefits to approved mortgagees. FHA&apos;s activities in managing and marketing the properties it acquires include paying real estate taxes referred to as ad valorem taxes (a tax based on the value of the property) and special assessments. For properties in condominiums or planned unit developments, FHA also pays homeowners&apos; association or condominium association fees. During the period over which an insured lender forecloses and FHA becomes the owner of the property, taxes or other fees may become due and payable. With lenders conveying close to 100,000 properties annually to FHA, bills for taxes and fees may be past due and payable at the time of FHA&apos;s acquisition and suits are brought for payment of taxes and fees. This rule provides HUD&apos;s interpretation of the “sue and be sued” clause contained in section 1, Title I of the National Housing Act. This rule provides that, in the case of an action brought against HUD to foreclose on a lien arising out of unpaid taxes or fees, the term “court of competent jurisdiction” as used in section 1 of the National Housing Act refers to a United States District Court. In conjunction with this interpretive rule, HUD is providing, by separate notices published in today&apos;s Federal Register, direction to taxing authorities and other entities owed money as to the proper Point of Contact (POC) at HUD for seeking payment. In the unlikely event that payment is not timely made, the entity can bring an action under the Quiet Title Act in the appropriate United States District Court to foreclose on its lien interest in the property.
80 FR 8243 - HUD&apos;s Qualified Mortgage Rule: Annual Threshold Adjustments to the Points and Fees Limit
FR Doc. 2015-03139
Announcement of HUD&apos;s qualified mortgage rule&apos;s annual threshold adjustments.
The Consumer Financial Protection Bureau (CFPB) issued a final rule entitled “Truth in Lending (Regulation Z) Annual Threshold Adjustments (CARD ACT, HOEPA and ATR/QM)” on August 15, 2014. The final rule re-calculated the annual dollar amounts for the points and fees limit in CFPB&apos;s “qualified mortgage” definition to reflect the annual percentage change in the Consumer Price Index in effect on June 1, 2014. HUD&apos;s “qualified mortgage” definition incorporates CFPB&apos;s qualified mortgage points and fees limit and the requirement that the points and fees limit be adjusted annually. This document clarifies that all annual adjustments to the qualified mortgage points and fees limit issued by the CFPB to reflect the Consumer Price Index apply to HUD&apos;s points and fees limit provision, including CFPB&apos;s most recent final rule.
2014-11-03; vol. 79 # 212 - Monday, November 3, 2014
79 FR 65140 - HUD&apos;s Qualified Mortgage Rule: Announcement of Intention To Adopt Changes Pertaining to Exempted Transaction List
FR Doc. 2014-25492
Announcement of change to HUD&apos;s exempted transaction definition.
The Consumer Financial Protection Bureau (CFPB) is issuing a final rule being published concurrently with this document, and it can be found elsewhere in this Federal Register , entitled “Amendments to the 2013 Mortgage Rules under the Truth in Lending Act (Regulation Z),” amending certain terms in CFPB&apos;s definition of “qualified mortgage” which HUD cross-referenced in HUD&apos;s qualified mortgage definition. In accordance with the procedures incorporated in HUD&apos;s definition of “qualified mortgage,” this document advises of HUD&apos;s intention to adopt, for HUD&apos;s qualified mortgage rule, CFPB&apos;s changes to the exemption for non-profit transactions from the qualified mortgage standards. HUD is not, however, adopting the new points and fees cure provision adopted by CFPB for the reasons stated in this document, but is providing guidance to mortgagees on curing points and fees errors prior to insurance endorsement.
2014-08-26; vol. 79 # 165 - Tuesday, August 26, 2014
79 FR 50835 - Federal Housing Administration (FHA): Handling Prepayments: Eliminating Post-Payment Interest Charges
FR Doc. 2014-20214
RIN 2502-AJ17
Docket No. FR-5360-F-02
Effective Date: January 21, 2015.
This rule revises FHA&apos;s regulations that allow an FHA-approved mortgagee to charge the mortgagor interest through the end of the month in which the mortgage is being paid. The final rule allows mortgagees to charge interest only through the date the mortgage is paid, and prohibits the charging of interest beyond that date.
FR Doc. 2014-20215
RIN 2502-AJ20
Docket No. FR-5744-F-02
Effective Date: January 10, 2015.
This rule revises FHA&apos;s regulations governing its single family adjustable rate mortgage (ARM) program to align FHA interest rate adjustment and notification regulations with the requirements for notifying mortgagors of ARM adjustments, as required by the regulations implementing the Truth in Lending Act (TILA), as recently revised by the Consumer Financial Protection Bureau (CFPB). The final rule requires that an interest rate adjustment resulting in a corresponding change to the mortgagor&apos;s monthly payment for an ARM have a 45-day look-back period. The final rule also requires that the mortgagee of an FHA-insured ARM comply with the disclosure and notification requirements of the 2013 TILA Servicing Rule, including at least a 60-day but no more than 120 day advance notice of an adjustment to a mortgagor&apos;s monthly payment.
79 FR 26376 - Federal Housing Administration (FHA): Adjustable Rate Mortgage Notification Requirements and Look-Back Period for FHA-Insured Single Family Mortgages
FR Doc. 2014-10572
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, Office of the Assistant Secretary for Housing—Federal Housing Commissioner
Comment Due Date: June 9, 2014.
This rule proposes two revisions to FHA&apos;s regulations governing its single family adjustable rate mortgage (ARM) program to align FHA interest rate adjustment and notification regulations with the requirements for notifying mortgagors of ARM adjustments, as required by the regulations implementing the Truth in Lending Act (TILA), as recently revised by the Consumer Financial Protection Bureau (CFPB). The first proposed amendment of this rule would require that an interest rate adjustment resulting in a corresponding change to the mortgagor&apos;s monthly payment for an ARM be based on the most recent index value available 45 days before the date of the rate adjustment. The date that the newly adjusted interest rate goes into effect is often referred to as the “interest change date.” The number of days prior to the interest change date on which the index value is selected is called the “look-back period.” FHA&apos;s current regulations provide for a 30-day look-back period. The second proposed amendment would require that the mortgagee of an FHA-insured ARM comply with the disclosure and notification requirements of the 2013 TILA Servicing Rule, including at least a 60-day but no more than 120-day advance notice of an adjustment to a mortgagor&apos;s monthly payment. FHA&apos;s current regulations provide for notification at least 25 days in advance of an adjustment to a mortgagor&apos;s monthly payment.
2014-03-13; vol. 79 # 49 - Thursday, March 13, 2014
79 FR 14200 - Federal Housing Administration (FHA): Handling Prepayments:Eliminating Post-Payment Interest Charges
FR Doc. 2014-05407
Docket No. FR 5360-P-01
Comment Due Date: May 12, 2014.
This rule proposes to revise FHA&apos;s regulations that allow an FHA-approved mortgagee to charge the mortgagor interest through the end of the month in which the mortgage is being paid. The proposed change would prohibit mortgagees from charging post-payment interest, allowing them instead to charge interest only through the date the mortgage is paid.
78 FR 17303 - Federal Housing Administration (FHA): Direct Endorsement Program Solicitation of Comment on Timeframe for Conducting Pre-Endorsement Review
FR Doc. 2013-06110
Docket No. FR-5658-N-01
Comment Due Date. April 22, 2013.
HUD is seeking comment on moving the timeframe that FHA conducts its pre-endorsement review of loans originated by Direct Endorsement lenders from a time that is prior to the lender closing each loan and before FHA&apos;s endorsement of the mortgage for insurance to a period after the loan has been closed. Comment is sought on whether this shift in time, as further described in this document, would reduce the processing time before the loans may be closed, and facilitate loan closing.
FR Doc. 2013-02668
RIN 2502-AJ03
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, HUD, Office of the Assistant Secretary of Housing—Federal Housing Commissioner
24 CFR Parts 200 and 203
This proposed rule would streamline the inspection and home warranty requirements for FHA single-family mortgage insurance. First, HUD proposes to remove the regulations for the FHA Inspector Roster (Roster). The Roster is a list of inspectors approved by FHA as eligible to determine if the construction quality of a one- to four-unit property is acceptable as security for an FHA-insured loan. HUD&apos;s regulations currently require the use of an inspector from the Roster as a condition for FHA mortgage insurance where the local jurisdiction does not perform necessary inspections. HUD&apos;s proposal to remove the Roster regulations is based on the recognition of the sufficiency and quality of inspections carried out by certified inspectors and other qualified individuals. Second, this proposed rule would also remove the regulations requiring 10-year protection plans in order to qualify for high loan-to-value (LTV), FHA-insured mortgages as a condition of closing for newly constructed single-family homes. The Housing and Economic Recovery Act of 2008 (HERA) removed the statutory requirement for a warranty plan and other special requirements for high LTV mortgages. HUD, however, is retaining the requirement that the Warranty of Completion of Construction (form HUD-92544) be executed by the builder and the buyer of a new construction home, as a condition for FHA mortgage insurance.
77 FR 72219 - Federal Housing Administration: Prohibited Sources of Minimum Cash Investment Under the National Housing Act—Interpretive Rule
FR Doc. 2012-29361
Effective Date: November 29, 2012. Comment Due Date: January 4, 2013.
HUD is issuing this interpretive rule to clarify the scope of the provision in the National Housing Act that prohibits certain sources of a homebuyer&apos;s funds for the required minimum cash investment for single family mortgages to be insured by the Federal Housing Administration (FHA). Uncertainty has arisen as to the effect of this provision on State and local governments and their agencies&apos; and instrumentalities&apos; homeownership programs that provide funds for the minimum cash investment. This rule provides HUD&apos;s interpretation that this statutory provision does not remove the availability of FHA insurance for use in conjunction with State and local government programs that provide funds toward the required minimum cash investment. Although interpretive rules are exempt from public comment under the Administrative Procedure Act, HUD nevertheless invites public comment on the interpretation provided in this rule.
2012-11-29; vol. 77 # 230 - Thursday, November 29, 2012
77 FR 71099 - Federal Housing Administration (FHA): Temporary Waiver of FHA&apos;s Regulation on Property Flipping; Extension of Waiver
FR Doc. 2012-28918
RIN 2502-ZA05
Docket No. FR-5397-N-05
Notice of waiver extension.
Effective Date: January 1, 2013 through December 31, 2014.
This notice of waiver extension announces that FHA is extending the availability of the temporary waiver of its regulation that prohibits the use of FHA financing to purchase single family properties that are being resold within 90 days of the previous acquisition, until December 31, 2014. This waiver, which was first issued in January 2010, took effect for all sales contracts executed on or after February 1, 2010. On January 28, 2011, FHA extended the waiver through calendar 2011. On December 28, 2011, FHA extended the waiver through calendar 2012. Prior to the waiver, a mortgage was not eligible for FHA insurance if the contract of sale for the purchase of the property that secured the mortgage was executed within 90 days of the prior acquisition by the seller, and the seller did not come under any of the exemptions to this 90-day period specified in the regulation. Through the regulatory waiver, FHA encourages investors that specialize in acquiring and renovating properties to renovate foreclosed and abandoned homes, with the objective of increasing the availability of affordable homes for first-time and other purchasers, helping to stabilize real estate prices as well as neighborhoods and communities where foreclosure activity has been high. The waiver is applicable to all single family properties being resold within the 90-day period after prior acquisition, and is not limited to foreclosed properties. Additionally, the waiver is subject to certain conditions, and mortgages must meet these conditions to be eligible for the waiver. The waiver is not applicable to mortgages insured under HUD&apos;s Home Equity Conversion Mortgage (HECM) Program.
77 FR 9177 - Federal Housing Administration (FHA): Suspension of Section 238(c) Single-Family Mortgage Insurance in Military Impacted Areas
FR Doc. 2012-3667
RIN 2502-AJ01
Docket No. FR-5461-F-02
Effective Date: March 19, 2012.
On August 30, 2011, HUD published a proposed rule to suspend FHA&apos;s mortgage insurance program for military impacted areas under section 238(c) of the National Housing Act. This single-family mortgage insurance program, established by regulation in 1977, has been significantly underutilized for the past several years. Additionally, these mortgage loans are insured under comparable terms and conditions as loans insured under HUD&apos;s primary single-family mortgage insurance program under section 203(b) of the National Housing Act. Accordingly, those borrowers who would be served under section 238(c) of the National Housing Act are served equally well under the section 203(b) mortgage insurance program. The suspension of this mortgage insurance program is consistent with the President&apos;s budget requests for Fiscal Years (FYs) 2011 and 2012. In this final rule, HUD is adopting the proposed rule without change.
77 FR 3598 - Federal Housing Administration (FHA) Single Family Lender Insurance Process: Eligibility, Indemnification, and Termination
FR Doc. 2012-1508
RIN 2502-AI58
77 FR 2024 - Federal Housing Administration (FHA) Single-Family Mortgage Insurance:Elimination of Requests for Alternative Mortgage Limits
FR Doc. 2012-581
RIN 2502-AJ02
Docket No. FR-5462-P-01
Comment Due Date: March 13, 2012.
This proposed rule would eliminate the process for requesting alternative FHA maximum mortgage amounts. HUD currently sets the area-based loan limits on a yearly basis and permits appeals of these loan limits. At the time the regulations permitting appeals were promulgated, there were no comprehensive, national databases of home sales transactions. As a result, HUD relied on sales data provided by interested parties in determining loan limits for certain areas. Today, however, HUD has available comprehensive direct sales transaction data and indirect home value data at the county level. In addition, since HUD began this new information collection on price trends at a county level, the number of parties utilizing the appeals process has gone from 105 for the 2008 loan limits to zero for the 2011 loan limits. For these reasons, HUD has determined that the regulations governing requests for alternative maximum mortgage amounts are outdated and unnecessarily disrupt HUD&apos;s loan limit determination process. The elimination of this appeals process would allow HUD to release its annual loan limits one month earlier than it has for the past three calendar years. This difference would provide more certainty in the mortgage lending market.
24 CFR 203.284 — Calculation of Up-Front and Annual MIP on or After July 1, 1991.
24 CFR 203.285 — Fifteen-Year Mortgages: Calculation of Up-Front and Annual MIP on or After December 26, 1992.