Source: https://www.ecfr.gov/cgi-bin/text-idx?mc=true&node=sg24.2.203_1259a.sg9&rgn=div7
Timestamp: 2020-07-13 01:55:50
Document Index: 625289572

Matched Legal Cases: ['§203', '§203', '§203', '§203', '§203', '§203', '§203', '§203', '§203', '§203', '§203', '§203']

Mortgage Insurance Premiums—Periodic Payment
§203.260 Amount of mortgage insurance premium (periodic MIP).
§203.261 Calculation of periodic MIP.
The amount of any periodic MIP shall be calculated in accordance with the original amortization provisions of the mortgage, without taking into account delinquent payments, prepayments, agreements to postpone payments, or agreements to recast the mortgage.
§203.262 Due date of periodic MIP.
§203.264 Payment of periodic MIP.
The mortgagee shall pay each MIP in twelve equal monthly installments. Each monthly installment shall be due and payable to the Commissioner no later than the tenth day of each month, beginning in the month in which the mortgagor is required to make the first monthly mortgage payment. This will be effective for amortization beginning on or after September 1, 1996.
[61 FR 42787, Aug. 19, 1996]
§203.265 Mortgagee's late charge and interest.
(a) Periodic MIP which are received by the Commissioner after the payment dates prescribed by §§203.262 and 203.264 shall include a late charge of four percent of the amount paid.
(b) In addition to the late charge provided in paragraph (a) of this section, the mortgagee shall pay interest on any periodic MIP which are remitted to the Commissioner more than 20 days after the payment dates prescribed in §203.264. Such interest rate shall be paid at a rate set in conformity with the Treasury Financial Manual.
§203.266 Period covered by periodic MIP.
§203.267 Duration of periodic MIP.
The mortgagee shall pay the MIP to the Commissioner until the deed to the Commissioner is filed for record or the contract of insurance is terminated.
§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.
[48 FR 28805, June 23, 1983, as amended at 61 FR 37801, July 19, 1996]
§203.269 Method of payment of periodic MIP.
In cases that the Commissioner deems appropriate, the Commissioner may require, by means of instructions communicated to all affected mortgagees, that periodic MIP be remitted electronically.
[60 FR 34138, June 30, 1995]