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Can you summarize 24 CFR Part 220?
MORTGAGE AND LOAN INSURANCE PROGRAMS UNDER NATIONAL HOUSING ACT AND OTHER AUTHORITIES > MORTGAGE INSURANCE AND INSURED IMPROVEMENT LOANS FOR URBAN RENEWAL AND CONCENTRATED DEVELOPMENT AREAS
Short Summary
The provided legal document content pertains to mortgage insurance and insured improvement loans for urban renewal and concentrated development areas. It governs the entities involved in mortgage and loan insurance programs under the National Housing Act and other authorities. The document does not mention any specific exemptions. However, it does not provide information about penalties for non-compliance or violation of the provisions. The document focuses on the regulations and guidelines related to mortgage insurance and insured improvement loans in the context of urban renewal and concentrated development areas. This document applies the provisions of subpart B, part 203 of the Code of Federal Regulations, which cover mortgages insured under section 203 of the National Housing Act, to mortgages covering 1- to 11-family dwellings insured under section 220 of the National Housing Act, with certain exceptions. The exceptions include provisions related to substitute mortgagors, one-time MIP, mortgagee’s late charge and interest, refund of one-time MIP, conditions of special forbearance relief, recasting of mortgage, partial release, addition or substitution of security, assignment of defaulted mortgage, application for insurance benefits and fiscal data, certification by mortgagee, method of payment, reimbursement for uncollected interest, nature of Mutual Mortgage Insurance Fund, allocation of Mutual Mortgage Insurance Fund income or loss, right and liability under Mutual Mortgage Insurance Fund, distribution of distributive shares, maximum amount of distributive shares, finality of determination, mortgages on Indian land insured pursuant to section 248 of the National Housing Act, mortgages on Hawaiian home lands insured pursuant to section 247 of the National Housing Act, and mortgages on property in Allegany Reservation of Seneca Nation of Indians authorized by section 203(q) of the National Housing Act. The provisions relating to forbearance of foreclosure, recasting of the mortgage, and assignment of a defaulted mortgage are applicable only to a mortgage covering a property having not more than four dwelling units. No specific penalties for non-compliance or violation of the provisions are mentioned in this document. The provided legal document content states that the requirements set forth in 24 CFR part 200, subpart A, apply to multifamily project mortgages insured under section 220 of the National Housing Act. This means that these requirements govern projects that are seeking mortgage insurance under section 220 of the National Housing Act. The document does not mention any specific exemptions or penalties related to these requirements. This document governs the regulations and requirements for multifamily project mortgages insured under section 220 of the National Housing Act. It applies to lenders and borrowers of insured project improvement loans under the National Housing Act and other authorities. The document outlines the payment of insurance premiums at different stages of the loan, including the first premium upon initial insurance endorsement, a second premium on the anniversary of the insurance date, and a third premium on the date of the first principal payment. Additionally, an annual insurance premium is payable on each anniversary of the date of the first principal payment. The premiums are calculated based on the average outstanding principal obligation of the loan. The document does not mention any specific exemptions or penalties for non-compliance. The provided legal document content states that the responsibilities of servicers of mortgages insured under section 203 of the National Housing Act are governed by the provisions of subpart C, part 203 of the chapter. These provisions also apply to mortgages covering 1- to 11-family dwellings insured under section 220 of the National Housing Act, with the exception of 203.664 through 203.666. The document does not mention any specific exemptions or penalties related to these provisions.
Whom does it apply to?
Entities involved in mortgage and loan insurance programs under the National Housing Act and other authorities
What does it govern?
Mortgage insurance and insured improvement loans for urban renewal and concentrated development areas
What are exemptions?
Substitute mortgagors, one-time MIP, mortgagee's late charge and interest, refund of one-time MIP, conditions of special forbearance relief, recasting of mortgage, partial release, addition or substitution of security, assignment of defaulted mortgage, application for insurance benefits and fiscal data, certification by mortgagee, method of payment, reimbursement for uncollected interest, nature of Mutual Mortgage Insurance Fund, allocation of Mutual Mortgage Insurance Fund income or loss, right and liability under Mutual Mortgage Insurance Fund, distribution of distributive shares, maximum amount of distributive shares, finality of determination, mortgages on Indian land insured pursuant to section 248 of the National Housing Act, mortgages on Hawaiian home lands insured pursuant to section 247 of the National Housing Act, and mortgages on property in Allegany Reservation of Seneca Nation of Indians authorized by section 203(q) of the National Housing Act
What are the Penalties?
No specific penalties for non-compliance or violation of the provisions are mentioned in this document
Jurisdiction
U.S. Federal Government