Source: https://www.law.cornell.edu/cfr/text/24/203.1
Timestamp: 2016-04-30 16:17:04
Document Index: 503443729

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24 CFR 203.1 - Underwriting procedures. | US Law | LII / Legal Information Institute
CFR › Title 24 › Subtitle B › Chapter II › Subchapter B › Part 203 › Subpart A › Section 203.1 24 CFR 203.1 - Underwriting procedures.
The three underwriting procedures for single family mortgages are:
Direct Endorsement.
This procedure, which is described in § 203.5, is available for mortgagees that are eligible under § 203.3.
Lender insurance.
This procedure, which is described in § 203.6, is available for mortgagees that are eligible for the Direct Endorsement program under § 203.5, and that are also approved according to § 203.4.
Issuing of commitments through HUD offices.
Processing through HUD offices as described in § 203.7, with issuance of commitments, is available only for mortgages that are not eligible for Direct Endorsement processing under § 203.5(b) or to the extent required in § 203.3(b)(4), § 203.3(d)(1), or as determined by the Secretary.
[62 FR 30225, June 2, 1997]
§ 203.1 Underwriting procedures.
Direct Endorsement. This procedure, which is described in § 203.5, is available for mortgagees that are eligible under § 203.3.
Lender insurance. This procedure, which is described in § 203.6, is available for mortgagees that are eligible for the Direct Endorsement program under § 203.5, and that are also approved according to § 203.4.
Issuing of commitments through HUD offices. Processing through HUD offices as described in § 203.7, with issuance of commitments, is available only for mortgages that are not eligible for Direct Endorsement processing under § 203.5(b) or to the extent required in § 203.3(b)(4), § 203.3(d)(1), or as determined by the Secretary.