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Can you summarize 24 CFR Part 221?
MORTGAGE AND LOAN INSURANCE PROGRAMS UNDER NATIONAL HOUSING ACT AND OTHER AUTHORITIES > LOW COST AND MODERATE INCOME MORTGAGE INSURANCE - SAVINGS CLAUSE
Short Summary
The provided legal document terminates the authority to insure mortgages for low cost and moderate income mortgage insurance under section 221(d)(2) of the National Housing Act, effective February 20, 2001. However, HUD will continue to endorse for insurance validly processed mortgages under direct endorsement if the credit worksheet was signed by the mortgagee’s underwriter before February 20, 2001. The rights and obligations of insured mortgage lenders, mortgagors, and HUD with respect to section 221(d)(2) single family loans insured before February 20, 2001, or in accordance with the exemption mentioned above, will continue to be governed by Subpart A of the document as it existed before February 20, 2001. This document falls under the Code of Federal Regulations, specifically under the regulations relating to Housing and Urban Development, and is applicable to the Office of Assistant Secretary for Housing - Federal Housing Commissioner, Department of Housing and Urban Development. No specific penalties are mentioned in this document. The provided legal document content covers various aspects related to low-cost homes and mortgages insured under the National Housing Act. It governs contract rights and obligations, approval of substitute mortgagors, provisions of mortgage insurance premiums, waiver of objections to title, interest rate increase and payment of mortgage insurance premiums, and notification of changes in the plan of apartment ownership and property administration. The documents apply to mortgagees, mortgagors, the Commissioner, and the Government National Mortgage Association (GNMA). Certain provisions of subpart B, part 203 of the Code of Federal Regulations apply to mortgages insured under section 221 of the National Housing Act, with exemptions listed in the document. The Commissioner may approve a substitute mortgagor under certain conditions, and mortgagees approved for participation in the Direct Endorsement program may also approve a substitute mortgagor without further specific approval. The document provides definitions and references to relevant sections of the Code of Federal Regulations. It also outlines the provisions of mortgage insurance premiums, including exceptions for mortgages meeting special requirements. There shall be no adjusted mortgage insurance premium or voluntary termination charge due to the Commissioner on account of prepayment or voluntary termination of any mortgage insurance contract under specific conditions. The document specifies the interest payment schedule and method for determining the interest rate. It also addresses the waiver by the Commissioner of objections to title for mortgages insured under the low-cost and moderate-income mortgage insurance program, with specific matters where the Commissioner shall not object to title outlined. The document pertaining to mortgages involving condominium units requires mortgagees to notify the Commissioner of any changes in the plan of apartment ownership and property administration. It also addresses the conveyance or assignment of damaged properties, assessment of taxes, and hazard insurance policies. No specific exemptions or penalties are mentioned in these documents. 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 221 of the National Housing Act. This means that the regulations outlined in 24 CFR part 200, subpart A, are applicable to individuals or entities seeking multifamily project mortgages. The document does not mention any specific exemptions or penalties related to these requirements. The provided legal document content pertains to the contract rights and obligations for Moderate Income Projects. It states that the provisions of subpart B, part 207 of the Code of Federal Regulations apply to multifamily project mortgages insured under section 221 of the National Housing Act, with certain exceptions. The document also outlines the requirements for terminating the contract of insurance for eligible low-income housing projects and projects subject to section 250(a) of the National Housing Act. Additionally, it specifies the application of mortgage insurance premiums for mortgages insured under this subpart, based on the market rate prescribed in 221.518(a). The document further governs the provision of forbearance relief for mortgages endorsed for insurance under the Low Cost and Moderate Income Mortgage Insurance program. It outlines the conditions for entering into a forbearance agreement, the suspension of the notice of intention to file an insurance claim during the forbearance period, and the actions to be taken if the mortgagor fails to meet the requirements or cure the default. The document also addresses the payment of insurance benefits for multifamily project mortgages insured under the subpart, including exemptions for mortgages with special below market interest rates and mortgages financed with tax-exempt obligations. Furthermore, it covers the assignment option for mortgagees holding conditional or firm commitments and the issuance of debentures. Lastly, the document governs displacement and relocation assistance for projects assisted under the Low Cost and Moderate Income Mortgage Insurance program, outlining policies for temporary relocation, reimbursement of expenses, advisory services, and real property acquisition. It also provides definitions and criteria for displaced persons and allows for HUD’s determination on coverage. No specific exemptions or penalties are mentioned in the document. The provided legal document states that all the provisions of subpart C, part 203 of the chapter regarding the responsibilities of servicers of mortgages insured under section 203 of the National Housing Act apply to mortgages covering one- to four-family dwellings to be insured under section 221 of the National Housing Act, with the exception of 203.664 through 203.666. This means that the regulations and requirements outlined in subpart C, part 203 apply to the servicing of these mortgages, ensuring that the servicers fulfill their obligations and responsibilities. However, the specific sections mentioned as exemptions do not apply to these mortgages. The document does not mention any specific penalties for non-compliance or violation of the provisions. Overall, this document establishes the applicability of certain regulations to the servicing of mortgages for low-cost homes, providing guidance and requirements for the servicers involved.
Whom does it apply to?
Insured mortgage lenders, mortgagors, and HUD
What does it govern?
Low cost and moderate income mortgage insurance under section 221(d)(2) of the National Housing Act
What are exemptions?
Exemptions are mentioned for mortgages meeting special requirements and mortgages with special below market interest rates and mortgages financed with tax-exempt obligations
What are the Penalties?
No specific penalties are mentioned in this document
Jurisdiction
U.S. Federal Government