Source: https://www.law.cornell.edu/cfr/text/24/203.283
Timestamp: 2017-04-30 13:22:42
Document Index: 512519090

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

24 CFR 203.283 - Refund of one-time MIP. | US Law | LII / Legal Information Institute
CFR › Title 24 › Subtitle B › Chapter II › Subchapter B › Part 203 › Subpart B › Section 203.283 24 CFR 203.283 - Refund of one-time MIP.
§ 203.283 Refund of one-time MIP.
(a) The Commissioner shall provide for the refund to the mortgagor of a portion of the unearned MIP paid pursuant to § 203.280 if the contract of insurance covering the mortgage is terminated: (1) By coveyance to one other than the Commissioner and a claim for the insurance benefits is not presented for payment ( § 203.315), (2) By prepayment of the mortgage ( § 203.316), or (3) By voluntary agreement with the approval of the Commissioner ( § 203.317).
(b) The Commissioner shall determine the amount of the premium refund by multiplying the amount the premium paid at the time the mortgage was insured by the applicable premium refund percentage for mortgages insured in the year the mortgage was endorsed for insurance. The Commissioner shall determine the applicable premium refund percentage for each year in an equitable manner and in accordance with sound financial and actuarial practice, taking into account: (1) Projected salaries and expenses, (2) prospective losses generated by insurance claims, and (3) expected future payments of premium refunds.
[ 48 FR 28806, June 23, 1983, as amended at 52 FR 1327, Jan. 13, 1987]
Title 24 published on 04-Apr-2017 04:06The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 24 CFR Part 203 after this date.2016-09-28; vol. 81 # 188 - Wednesday, September 28, 201681 FR 66565 - Project Approval for Single-Family Condominiums