Source: https://www.law.cornell.edu/cfr/text/24/203.26
Timestamp: 2015-11-29 21:39:57
Document Index: 469210729

Matched Legal Cases: ['art 203', '§ 203', '§ 203', '§ 203', '§ 203', '§ 1709', '§ 1710', '§ 1715', '§ 1715', '§ 1715', '§ 1717']

24 CFR 203.26 - Mortgagor's payments when mortgage is executed. | US Law | LII / Legal Information Institute
CFR › Title 24 › Subtitle B › Chapter II › Subchapter B › Part 203 › Subpart A › Section 203.26 24 CFR 203.26 - Mortgagor's payments when mortgage is executed.
§ 203.26
Mortgagor's payments when mortgage is executed.
The mortgagor must pay to the mortgagee, upon execution of the mortgage, a sum that will be sufficient to pay the ground rents, if any, the estimated taxes, special assessments, flood insurance premiums, if required, and fire and other hazard insurance premiums for the period beginning on the last date on which each such charge would have been paid under the normal lending practices of the lender and local custom (if each such date constitutes prudent lending practice), and ending on the due date of the first full installment payment under the mortgage, plus an amount sufficient to pay the mortgage insurance premium from the date of closing the loan to the date of the first monthly payment under the mortgage or, where applicable, the one-time mortgage insurance premium payable pursuant to § 203.280.
The mortgagee may also collect from the mortgagor a sum not exceeding one-sixth of the estimated total amount of such taxes, special assessments, insurance premiums and other charges to be paid during the ensuing 12-month period.
§ 203.26 Mortgagor's payments when mortgage is executed.
(a) The mortgagor must pay to the mortgagee, upon execution of the mortgage, a sum that will be sufficient to pay the ground rents, if any, the estimated taxes, special assessments, flood insurance premiums, if required, and fire and other hazard insurance premiums for the period beginning on the last date on which each such charge would have been paid under the normal lending practices of the lender and local custom (if each such date constitutes prudent lending practice), and ending on the due date of the first full installment payment under the mortgage, plus an amount sufficient to pay the mortgage insurance premium from the date of closing the loan to the date of the first monthly payment under the mortgage or, where applicable, the one-time mortgage insurance premium payable pursuant to § 203.280.
(b) The mortgagee may also collect from the mortgagor a sum not exceeding one-sixth of the estimated total amount of such taxes, special assessments, insurance premiums and other charges to be paid during the ensuing 12-month period. [41 FR 49734, Nov. 10, 1976, as amended at 48 FR 28804, June 23, 1983] This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.United States CodeU.S. Code: Title 12 - BANKS AND BANKING§ 1709 - Insurance of mortgages§ 1710 - Payment of insurance§ 1715b - Rules and regulations§ 1715u - Authority to assist mortgagors in default§ 1715z-16§ 1717z-21