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Can you summarize 24 CFR Part 207?
MORTGAGE AND LOAN INSURANCE PROGRAMS UNDER NATIONAL HOUSING ACT AND OTHER AUTHORITIES > MULTIFAMILY HOUSING MORTGAGE INSURANCE
Short Summary
The provided legal document content pertains to multifamily housing mortgage insurance under the National Housing Act and other authorities. It governs the eligibility requirements for multifamily project mortgages insured under section 207 of the National Housing Act, as outlined in 24 CFR part 200, subpart A. The document specifies the requirements for mortgagees regarding the payment of premiums at different stages of the mortgage and outlines the rights and duties of mortgagees under the contract of insurance. It also covers defaults considered under the terms of a mortgage insured under the Code of Federal Regulations related to Housing and Urban Development. The document provides guidance on the modification of mortgage terms, the holding of funds in trust, and the conveyance of title to the Commissioner. It further outlines the process of partial payment of a claim, recasting of the mortgage, and the payment of insurance benefits. The document applies to mortgagees, mortgagors, and the Commissioner of Housing and Urban Development. Exemptions are available for certain types of multifamily project mortgages, and the Commissioner has the authority to exempt a mortgagor from holding funds in trust under certain circumstances. After January 10, 1994, the servicing of insured mortgages must be performed by a mortgagee approved by the Department of Housing and Urban Development (HUD). The regulations in this subpart can be amended by the Commissioner at any time and in any manner, as long as it does not adversely affect the interests of mortgagees or lenders under existing insured contracts or commitments made by the Commissioner for future insurance.
Whom does it apply to?
Mortgagees, mortgagors, Commissioner of Housing and Urban Development
What does it govern?
Payment of premiums for mortgage insurance, rights and duties of mortgagees, defaults under insured mortgages, modification of mortgage terms, holding of funds in trust, conveyance of title to the Commissioner, partial payment of a claim, recasting of the mortgage, payment of insurance benefits, servicing of insured mortgages, amendment of regulations by the Commissioner
What are exemptions?
Exemptions are available for certain types of multifamily project mortgages, and the Commissioner has the authority to exempt a mortgagor from holding funds in trust under certain circumstances.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
U.S. Federal Government