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Can you summarize 24 CFR Part 213?
MORTGAGE AND LOAN INSURANCE PROGRAMS UNDER NATIONAL HOUSING ACT AND OTHER AUTHORITIES > COOPERATIVE HOUSING MORTGAGE INSURANCE
Short Summary
The provided legal document content pertains to the Cooperative Housing Mortgage Insurance program under the National Housing Act. It applies to mortgages insured under section 213 of the Act and outlines the requirements and provisions related to the insurance agreement, insured mortgages, and mortgages. The document defines various terms related to the program and specifies that references to section 207 of the National Housing Act should be deemed to refer to section 213 of the Act. It also outlines the premiums that mortgagees must pay based on the date of the first principal payment and the average outstanding principal obligation of the mortgage. The document further explains the procedures and requirements related to supplementary loans, election of action, claims, and debentures. It establishes the obligations of the Cooperative Management Housing Insurance Fund and the General Insurance Fund for mortgages that are endorsed for insurance under section 213 of the Act. The document also addresses the payment of premiums upon the initial endorsement of a mortgage for insurance and the payment of premiums and insurance upon completion for mortgage and loan insurance programs. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Multifamily project mortgages seeking insurance under section 213 of the National Housing Act
What does it govern?
Cooperative Housing Mortgage Insurance program under the National Housing Act
What are exemptions?
No specific exemptions are mentioned
What are the Penalties?
No specific penalties are mentioned
Jurisdiction
U.S. Federal Government