Ask Reggi Your Question Now
Can you summarize 24 CFR Part 206?
MORTGAGE AND LOAN INSURANCE PROGRAMS UNDER NATIONAL HOUSING ACT AND OTHER AUTHORITIES > HOME EQUITY CONVERSION MORTGAGE INSURANCE
Short Summary
The provided legal document content pertains to the Home Equity Conversion Mortgage (HECM) Insurance program under the National Housing Act. It covers various aspects of eligibility and endorsement requirements, credit standing requirements, counseling requirements, disclosure and verification of Social Security and Employer Identification Numbers, full disclosure of costs and restrictions on use of mortgage proceeds, monetary investment requirements for the HECM for Purchase program, property eligibility criteria, property standards and repair work, eligible sale of property, refinancing of existing HECMs, and deferral of the due and payable status for Eligible Non-Borrowing Spouses in the context of HECM insurance programs. It also governs the sale, assignment, and pledge of insured mortgages under the Home Equity Conversion Mortgage Insurance program, as well as mortgage servicing and responsibilities. Additionally, it pertains to the establishment and operation of the HECM Counselor Roster. The documents apply to mortgagees, borrowers, non-borrowing spouses, non-borrowing owners, HECM counselors, contractors, sellers, and buyers involved in the Home Equity Conversion Mortgage Insurance program and the HECM for Purchase program. It also applies to FHA-approved mortgagees and approved mortgagees involved in the sale, assignment, and pledge of insured mortgages. Furthermore, it applies to FHA-approved mortgagees responsible for servicing insured mortgages. The HECM Counselor Roster pertains to housing counselors employed by HUD-approved housing counseling agencies or affiliates of HUD-approved intermediaries or State housing finance agencies.
Whom does it apply to?
The documents apply to mortgagees, borrowers, non-borrowing spouses, non-borrowing owners, HECM counselors, contractors, sellers, and buyers involved in the Home Equity Conversion Mortgage Insurance program and the HECM for Purchase program. It also applies to FHA-approved mortgagees and approved mortgagees involved in the sale, assignment, and pledge of insured mortgages. Furthermore, it applies to FHA-approved mortgagees responsible for servicing insured mortgages. The HECM Counselor Roster pertains to housing counselors employed by HUD-approved housing counseling agencies or affiliates of HUD-approved intermediaries or State housing finance agencies.
What does it govern?
The provided legal document content pertains to the Home Equity Conversion Mortgage (HECM) Insurance program under the National Housing Act. It covers various aspects of eligibility and endorsement requirements, credit standing requirements, counseling requirements, disclosure and verification of Social Security and Employer Identification Numbers, full disclosure of costs and restrictions on use of mortgage proceeds, monetary investment requirements for the HECM for Purchase program, property eligibility criteria, property standards and repair work, eligible sale of property, refinancing of existing HECMs, and deferral of the due and payable status for Eligible Non-Borrowing Spouses in the context of HECM insurance programs. It also governs the sale, assignment, and pledge of insured mortgages under the Home Equity Conversion Mortgage Insurance program, as well as mortgage servicing and responsibilities. Additionally, it pertains to the establishment and operation of the HECM Counselor Roster.
What are exemptions?
No specific exemptions are mentioned in the provided legal document content.
What are the Penalties?
No specific penalties are mentioned in the provided legal document content.
Jurisdiction
U.S. Federal Government