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Can you summarize 24 CFR Part 203?
MORTGAGE AND LOAN INSURANCE PROGRAMS UNDER NATIONAL HOUSING ACT AND OTHER AUTHORITIES > SINGLE FAMILY MORTGAGE INSURANCE
Short Summary
The provided legal document content pertains to the eligibility requirements and underwriting procedures for single-family mortgage insurance programs under the National Housing Act and other authorities. The documents outline the eligibility requirements and underwriting procedures for single-family mortgages, including the Direct Endorsement procedure, the Lender Insurance procedure, and the issuing of commitments through HUD offices. Mortgagees must meet certain qualifications and submit a specified number of mortgages for approval. Noncompliance may result in sanctions or termination of approval. The documents also cover the Lender Insurance program, which requires mortgagees to use the Lender Insurance process to insure mortgages, and outlines the eligibility criteria and monitoring process. Additionally, the documents describe the Direct Endorsement program, where the mortgagee determines the eligibility of the proposed mortgage for insurance and submits the required documents to the Secretary. The program applies to all single-family mortgages authorized for insurance under the National Housing Act. The documents also mention the approval process for mortgagees participating in the Direct Endorsement Lender Review and Approval Process (DELRAP) for Condominium Projects, outlining eligibility requirements and termination procedures. Overall, the documents provide guidance and regulations for mortgagees participating in these programs and processes. The provided legal document content covers various aspects of the Single Family Mortgage Insurance program, including contract rights and obligations, mortgage insurance premiums (MIP), termination of insurance contracts, default under a mortgage, assignment of mortgages, acquisition of property in mortgage defaults, condition of property, payment of insurance benefits, release, addition, or substitution of security, forbearance relief for military personnel, title transfers and title waivers, graduated payment mortgages, mortgages on cooperative housing developments, mortgages on Indian land, mortgages on Hawaiian home lands, mortgages on Allegany Reservation of Seneca Nation of Indians, rehabilitation loans, extension of time for actions, and amendments to the regulations.
Whom does it apply to?
Mortgagees, the Federal Housing Commissioner, the Department of Housing and Urban Development (HUD), financial institutions, borrowers, the Secretary of Housing and Urban Development, the Department of Hawaiian Home Lands, and the Seneca Nation of Indians
What does it govern?
Eligibility requirements and underwriting procedures for single-family mortgage insurance programs under the National Housing Act and other authorities
What are exemptions?
No specific exemptions are mentioned in these documents
What are the Penalties?
No specific penalties are mentioned in these documents
Jurisdiction
U.S. Federal Government