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Electronic Code of Federal Regulations

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e-CFR Data is current as of September 29, 2014

Title 24Subtitle BChapter IISubchapter BPart 203


TITLE 24—Housing and Urban Development

Subtitle B—REGULATIONS RELATING TO HOUSING AND URBAN DEVELOPMENT (CONTINUED)

CHAPTER II—OFFICE OF ASSISTANT SECRETARY FOR HOUSING—FEDERAL HOUSING COMMISSIONER, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

SUBCHAPTER B—MORTGAGE AND LOAN INSURANCE PROGRAMS UNDER NATIONAL HOUSING ACT AND OTHER AUTHORITIES

PART 203—SINGLE FAMILY MORTGAGE INSURANCE

rule

Subpart A—ELIGIBILITY REQUIREMENTS AND UNDERWRITING PROCEDURES

Direct Endorsement, Lender Insurance, and Commitments

§203.1
Underwriting procedures.
§203.3
Approval of mortgagees for Direct Endorsement.
§203.4
Approval of mortgagees for Lender Insurance.
§203.5
Direct Endorsement process.
§203.6
Lender Insurance process.
§203.7
Commitment process.

Miscellaneous Regulations

§203.9
Disclosure regarding interest due upon mortgage prepayment.
§203.10
Informed consumer choice for prospective FHA mortgagors.
§203.12
Mortgage insurance on proposed or new construction.
§203.14
Builders' warranty.
§203.15
Certification of appraisal amount.
§203.16
Certificate and contract regarding use of dwelling for transient or hotel purposes.
§203.16a
Mortgagor and mortgagee requirement for maintaining flood insurance coverage.

Eligible Mortgages

§203.17
Mortgage provisions.
§203.18
Maximum mortgage amounts.
§203.18a
Solar energy system.
§203.18b
Increased mortgage amount.
§203.18c
One-time or up-front mortgage insurance premium excluded from limitations on maximum mortgage amounts.
§203.18d
Minimum principal loan amount.
§203.19
Qualified mortgage.
§203.20
Agreed interest rate.
§203.21
Amortization provisions.
§203.22
Payment of insurance premiums or charges; prepayment privilege.
§203.23
Mortgagor's payments to include other charges.
§203.24
Application of payments.
§203.25
Late charge.
§203.26
Mortgagor's payments when mortgage is executed.
§203.27
Charges, fees or discounts.
§203.28
Economic soundness of projects.
§203.29
Eligible mortgages in Alaska, Guam, Hawaii, or the Virgin Islands.
§203.30
Certificate of nondiscrimination by the mortgagor.
§203.31
Mortgagor of a principal residence in military service cases.

Eligible Mortgagors

§203.32
Mortgage lien.
§203.33
Relationship of income to mortgage payments.
§203.34
Credit standing.
§203.35
Disclosure and verification of Social Security and Employer Identification Numbers.
§203.36
[Reserved]

Eligible Properties

§203.37
Nature of title to realty.
§203.37a
Sale of property.
§203.38
Location of dwelling.
§203.39
Standards for buildings.
§203.40
Location of property.
§203.41
Free assumability; exceptions.
§203.42
Rental properties.
§203.43
Eligibility of miscellaneous type mortgages.
§203.43a
Eligibility of mortgages covering housing in certain neighborhoods.
§203.43b
[Reserved]
§203.43c
Eligibility of mortgages involving a dwelling unit in a cooperative housing development.
§203.43d
Eligibility of mortgages in certain communities.
§203.43e
[Reserved]
§203.43f
Eligibility of mortgages covering manufactured homes.
§203.43g
Eligibility of mortgages in certain communities.
§203.43h
Eligibility of mortgages on Indian land insured pursuant to section 248 of the National Housing Act.
§203.43i
Eligibility of mortgages on Hawaiian Home Lands insured pursuant to section 247 of the National Housing Act.
§203.43j
Eligibility of mortgages on Allegany Reservation of Seneca Nation of Indians.
§203.44
Eligibility of advances.
§203.45
Eligibility of graduated payment mortgages.
§203.47
Eligibility of growing equity mortgages.
§203.49
Eligibility of adjustable rate mortgages.
§203.50
Eligibility of rehabilitation loans.
§203.51
Applicability.
§203.52
Acceptance of individual residential water purification equipment.

Insured Ten-Year Protection Plans (Plan)

§203.200
Definitions.
§203.201
Scope.
§203.202
Plan acceptability and acceptance renewal criteria—general.
§203.203
Issuance and nature of insured 10-year protection plans.
§203.204
Requirements and limitations of a plan.
§203.205
Plan coverage.
§203.206
Housing performance standards or criteria.
§203.207
Designated area.
§203.208
Insurance backing criteria.
§203.209
Payments under a plan.

Effective Date

§203.249
Effect of amendments.
rule

Subpart B—CONTRACT RIGHTS AND OBLIGATIONS

Definitions

§203.251
Definitions.

Endorsement and Contract of Insurance

§203.255
Insurance of mortgage.
§203.256
Insurance of open-end advance.
§203.257
Creation of the contract.
§203.258
Substitute mortgagors.

Mortgage Insurance Premiums—In General

§203.259
Method of payment of MIP.
§203.259a
Scope.

Mortgage Insurance Premiums—Periodic Payment

§203.260
Amount of mortgage insurance premium (periodic MIP).
§203.261
Calculation of periodic MIP.
§203.262
Due date of periodic MIP.
§203.264
Payment of periodic MIP.
§203.265
Mortgagee's late charge and interest.
§203.266
Period covered by periodic MIP.
§203.267
Duration of periodic MIP.
§203.268
Pro rata payment of periodic MIP.
§203.269
Method of payment of periodic MIP.

Open-end Insurance Charges—All Mortgages

§203.270
Open-end insurance charges.

Mortgage Insurance Premiums—One-Time Payment

§203.280
One-time or Up-front MIP.
§203.281
Calculation of one-time MIP.
§203.282
Mortgagee's late charge and interest.
§203.283
Refund of one-time MIP.

Calculation of Mortgage Insurance Premium on or After July 1, 1991

§203.284
Calculation of up-front and annual MIP on or after July 1, 1991.
§203.285
Fifteen-year mortgages: Calculation of up-front and annual MIP on or after December 26, 1992.

Adjusted Mortgage Insurance Premium

§203.288
Discontinuance of adjusted premium charge.

Voluntary Termination

§203.295
Voluntary termination.

Termination of Insurance Contract

§203.315
Termination by conveyance to other than Commissioner.
§203.316
Termination by prepayment of mortgage.
§203.317
Termination by voluntary agreement.
§203.318
Notice of termination by mortgagee.
§203.319
Pro rata payment of premiums and charges.
§203.320
Notice and date of termination by Commissioner.
§203.321
Effect of termination.

Default Under Mortgage

§203.330
Definition of delinquency and requirement for notice of delinquency to HUD.
§203.331
Definition of default, date of default, and requirement of notice of default to HUD.
§203.332
[Reserved]
§203.333
Reinstatement of defaulted mortgage.

Continuation of Insurance

§203.340
Special forbearance.
§203.341
Partial claim.
§203.342
Mortgage modification.
§203.343
Partial release, addition or substitution of security.

Forbearance Relief for Military Personnel

§203.345
Postponement of principal payments—mortgagors in military service.
§203.346
Postponement of foreclosure—mortgagors in military service.

Assignment of Mortgage

§203.350
Assignment of mortgage.
§203.351
Application for insurance benefits and fiscal data.
§203.353
Certification by mortgagee.

Claim Procedure

§203.355
Acquisition of property.
§203.356
Notice of foreclosure and pre-foreclosure sale; reasonable diligence requirements.
§203.357
Deed in lieu of foreclosure.
§203.358
Direct conveyance of property.
§203.359
Time of conveyance to the Secretary.
§203.360
Notice of property transfer or pre-foreclosure sale and application for insurance benefits.
§203.361
Acceptance of property by Commissioner.
§203.362
Conditions for withdrawal of application for insurance benefits.
§203.363
Effect of noncompliance with regulations.
§203.364
Mortgagee's liability for property expenditures.
§203.365
Documents and information to be furnished the Secretary; claims review.
§203.366
Conveyance of marketable title.
§203.367
Contents of deed and supporting documents.
§203.368
Claims without conveyance procedure.
§203.369
Deficiency judgments.
§203.370
Pre-foreclosure sales.
§203.371
Partial claim.

Condition of Property

§§203.375-203.376
[Reserved]
§203.377
Inspection and preservation of properties.
§203.378
Property condition.
§203.379
Adjustment for damage or neglect.
§203.380
Certificate of property condition.
§203.381
Occupancy of property.
§203.382
Cancellation of hazard insurance.

Property Title Transfers and Title Waivers

§203.385
Types of satisfactory title evidence.
§203.386
Coverage of title evidence.
§203.387
Acceptability of customary title evidence.
§203.389
Waived title objections.
§203.390
Waiver of title—mortgages or property formerly held by the Secretary.
§203.391
Title objection waiver with reduced insurance benefits.

Payment of Insurance Benefits

§203.400
Method of payment.
§203.401
Amount of payment—conveyed and non-conveyed properties.
§203.402
Items included in payment—conveyed and non-conveyed properties.
§203.402a
Reimbursement for uncollected interest.
§203.403
Items deducted from payment—conveyed and non-conveyed properties.
§203.404
Amount of payment—assigned mortgages.
§203.405
Debenture interest rate.
§203.406
Maturity of debentures.
§203.407
Registration of debentures.
§203.408
Form and amounts of debentures.
§203.409
Redemption of debentures.
§203.410
Issue date of debentures.
§203.411
Cash adjustment.
§203.412
Payment for foreclosure alternative actions.
§203.413
[Reserved]
§203.414
Amount of payment—partial claims.

Certificate of Claim

§203.415
Delivery of certificate of claim.
§203.416
Amount and items of certificate of claim.
§203.417
Rate of interest of certificate of claim.

Mutual Mortgage Insurance Fund and Distributive Shares

§203.420
Nature of Mutual Mortgage Insurance Fund.
§203.421
Allocation of Mutual Mortgage Insurance Fund income or loss.
§203.422
Right and liability under Mutual Mortgage Insurance Fund.
§203.423
Distribution of distributive shares.
§203.424
Maximum amount of distributive shares.
§203.425
Finality of determination.
§203.426
Inapplicability to housing in older declining urban areas.
§203.427
Statute of limitations on payment of distributive shares.

Sale, Assignment and Pledge of Insured Mortgage

§203.430
Sale of interests in insured mortgages.
§203.431
Sale of insured mortgage to approved mortgagee.
§203.432
Effect of sale of insured mortgage.
§203.433
Assignments, pledges and transfers by approved mortgagee.
§203.434
Declaration of trust.
§203.435
Transfers of partial interests.

Graduated Payment Mortgages

§203.436
Claim procedure—graduated payment mortgages.

Cooperative Unit Mortgages

§203.437
Mortgages involving a dwelling unit in a cooperative housing development.

Mortgages on Property Located on Indian Land

§203.438
Mortgages on Indian land insured pursuant to section 248 of the National Housing Act.

Mortgages on Property Located on Hawaiian Home Lands

§203.439
Mortgages on Hawaiian home lands insured pursuant to section 247 of the National Housing Act.

Mortgages on Property in Allegany Reservation of Seneca Indians

§203.439a
Mortgages on property in Allegany Reservation of Seneca Nation of Indians authorized by section 203(q) of the National Housing Act.

Rehabilitation Loans

§203.440
Definitions.
§203.441
Insurance of loan.
§203.442
Contract created by Insurance Certificate or by endorsement.
§203.443
Insurance premium.
§203.457
Voluntary termination of contract.
§203.458
Termination by prepayment of loan.
§203.459
Notice of termination by lender.
§203.462
Pro rata payment of premium before termination.
§203.463
Notice and date of termination by Commissioner.
§203.464
Effect of termination.
§203.466
Definition of delinquency and requirement for notice of delinquency to HUD.
§203.467
Definition of default, date of default, and requirement of notice of default to HUD.
§203.468
[Reserved]
§203.469
Reinstatement of defaulted loan.
§203.471
Special forbearance.
§203.472
Relief for borrower in military service.
§203.473
Claim procedure.
§203.474
Maximum claim period.
§203.476
Claim application and items to be filed.
§203.477
Certificate by lender when loan assigned.
§203.478
Payment of insurance benefits.
§203.479
Debenture interest rate.
§203.481
Maturity of debentures.
§203.482
Registration of debentures.
§203.483
Forms and amounts of debentures.
§203.484
Redemption of debentures.
§203.486
Issue date of debentures.
§203.487
Cash adjustment.
§203.488
Sale of interests in insured loans.
§203.489
Sale of insured loan to approved lender.
§203.491
Effect of sale of insured loan.
§203.492
Assignments, pledges and transfers by approved lender.
§203.493
Declaration of trust.
§203.495
Transfers of partial interests.

Extension of Time

§203.496
Actions to be taken by mortgagee or lender.

Amendments

§203.499
Effect of amendments.
rule

Subpart C—SERVICING RESPONSIBILITIES

General Requirements

§203.500
Mortgage servicing generally.
§203.501
Loss mitigation.
§203.502
Responsibility for servicing.
§203.508
Providing information.
§203.510
Release of personal liability.
§203.512
Free assumability; exceptions.

Payments, Charges and Accounts

§203.550
Escrow accounts.
§203.552
Fees and charges after endorsement.
§203.554
Enforcement of late charges.
§203.556
Return of partial payments.
§203.558
Handling prepayments.

Mortgagee Action and Forbearance

§203.600
Mortgage collection action.
§203.602
Delinquency notice to mortgagor.
§203.604
Contact with the mortgagor.
§203.605
Loss mitigation performance.
§203.606
Pre-foreclosure review.
§203.608
Reinstatement.
§203.610
Relief for mortgagor in military service.
§203.614
Special forbearance.
§203.616
Mortgage modification.

Mortgages in Default on Property Located on Indian Reservations

§203.664
Processing defaulted mortgages on property located on Indian land.

Mortgages in Default on Property Located on Hawaiian Home Lands

§203.665
Processing defaulted mortgages on property located on Hawaiian home lands.

Assignment and Forbearance—Property in Allegany Reservation of Seneca Indians

§203.666
Processing defaulted mortgages on property in Allegany Reservation of Seneca Nation of Indians.

Occupied Conveyance

§203.670
Conveyance of occupied property.
§203.671
Criteria for determining the Secretary's interest.
§203.672
Residential areas.
§203.673
Habitability.
§203.674
Eligibility for continued occupancy.
§203.675
Notice to occupants of pending acquisition.
§203.676
Request for continued occupancy.
§203.677
Decision to approve or deny a request.
§203.678
Conveyance of vacant property.
§203.679
Continued occupancy after conveyance.
§203.680
Approval of occupancy after conveyance.
§203.681
Authority of HUD Field Office Managers.


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