HUD 24 CFR PART 221-2011 LOW COST AND MODERATE INCOME MORTGAGE INSURANCE SAVINGS CLAUSE《低成本和中等收入按揭保险保留条款》.pdf

1、318 24 CFR Ch. II (4111 Edition) 220.900 trust company exclusively for the col-lective investment and reinvestment of moneys contributed thereto by the bank or trust company in its capacity as a trustee, executor or administrator; and in conformity with the rules and regulations prevailing from time

2、 to time of the Board of Governors of the Federal Reserve System, pertaining to the collective investment of trust funds: Provided further, That this para-graph shall not be applicable to any loan so long as it is held in a common trust estate administered by a bank or trust company which is subject

3、 to the inspection and supervision of a govern-mental agency, exclusively for the ben-efit of other banking institutions which are subject to the inspection and supervision of a governmental agency, and which are authorized by law to ac-quire beneficial intersts in such com-mon trust estate, nor to

4、any loan transferred to such a bank or trust company as trustee exclusively for the benefit of outstanding owners of undi-vided interest in the trust estate, under the terms of certificates issued and sold more than three years prior to said transfer, by a corporation which is subject to the inspect

5、ion and super-vision of a governmental agency. Subpart EServicing ResponsibilitiesHomes 220.900 Cross-reference. All of the provisions of subpart C, part 203 of the chapter concerning the responsibilities of servicers of mort-gages insured under section 203 of the National Housing Act apply to mort-

6、gages covering 1- to 11-family dwellings insured under section 220 of the Na-tional Housing Act, except 203.664 through 203.666. 52 FR 48203, Dec. 21, 1987, and 53 FR 9869, Mar. 28, 1988 PART 221LOW COST AND MOD-ERATE INCOME MORTGAGE IN-SURANCESAVINGS CLAUSE Subpart AEligibility RequirementsLow Cost

7、 HomesSavings Clause Sec. 221.1 Savings clause. Subpart BContract Rights and ObligationsLow Cost Homes 221.251 Cross-reference. 221.252 Substitute mortgagors. 221.254 Mortgage insurance premiums. 221.255 Assignment option. 221.256 Interest rate increase and payment of mortgage insurance premiums on

8、mortgages under 221.60 and 221.65 221.275 Method of paying insurance benefits. 221.280 Waived title objections. SPECIAL PROVISIONS APPLICABLE ONLY TO MORTGAGES INVOLVING CONDOMINIUM UNITS 221.300 Changes in the plan of apartment ownership. 221.305 Condition of the multifamily struc-ture. 221.310 Ass

9、essment of taxes. 221.315 Certificate of tax assessment. 221.320 Certificate or statement of condi-tion. 221.325 Cancellation of hazard insurance. Subpart CEligibility Requirements Moderate Income Projects 221.501 Eligibility requirements. Subpart DContract Rights and ObligationsModerate Income Proj

10、ects 221.751 Cross-reference. 221.753 Termination of mortgage insurance. 221.755 Premiums first, second, third and operating loss loans. 221.761 Forbearance relief. 221.762 Payment of insurance benefits. 221.763 Special insurance benefitsforbear-ance relief cases. 221.770 Assignment option. 221.775

11、Option period. 221.780 Issuance of debentures. 221.785 Date of maturity of debentures. 221.790 Debenture interest rate. 221.795 Displacementbelow market inter-est rate mortgages. Subpart EServicing ResponsibilitiesLow Cost Homes 221.800 Cross-reference. AUTHORITY: 12 U.S.C. 1715b, 1715l; 42 U.S.C. 3

12、535(d). SOURCE: 36 FR 24587, Dec. 22, 1971, unless otherwise noted. VerDate Mar2010 10:21 May 10, 2011 Jkt 223078 PO 00000 Frm 00328 Fmt 8010 Sfmt 8010 Y:SGML223078.XXX 223078WReier-Aviles on DSKGBLS3C1PROD with CFRProvided by IHSNot for ResaleNo reproduction or networking permitted without license

13、from IHS-,-,-319 Office of Assistant Secretary for Housing, HUD 221.252 Subpart AEligibility Require-mentsLow Cost Homes Savings Clause 221.1 Savings clause. (a) Effective February 20, 2001, the authority to insure mortgages under section 221(d)(2) of the National Hous-ing Act (12 U.S.C. 1715l(d)(2)

14、 for low cost and moderate income mortgage insurance is terminated, except that HUD will endorse for insurance validly processed mortgages under direct en-dorsement where the credit worksheet was signed by the mortgagees under-writer before February 20, 2001. (b) Subpart A of this part, as it ex-ist

15、ed immediately before February 20, 2001, will continue to govern the rights and obligations of insured mortgage lenders, mortgagors, and HUD with re-spect to section 221(d)(2) single family loans insured before February 20, 2001, or in accordance with paragraph (a) of this section, pursuant to the a

16、pplicable provisions of this subpart. 66 FR 5913, Jan. 19, 2001 Subpart BContract Rights and ObligationsLow Cost Homes 221.251 Cross-reference. (a) All of the provisions of subpart B, part 203 of this chapter covering mort-gages insured under section 203 of the National Housing Act apply to mort-gag

17、es covering one- to four-family dwellings insured under section 221 of the National Housing Act, except the following provisions: Sec. 203.258 Substitute mortgagors. 203.259a Scope. 203.260 Amount of Mortgage Insurance Pre-mium (MIP). 203.261 Calculation of MIP. 203.262 Due date of MIP. 203.264 Paym

18、ent of MIP. 203.266 Period covered by MIP. 203.268 Pro rata payment of MIP. 203.280 One-time MIP. 203.281 Calculation of one-time MIP. 203.282 Mortgagees late charge and inter-est. 203.283 Refund of one-time MIP. 203.288 Discontinuance of adjusted premium charge. 203.295 Voluntary termination of ins

19、urance. 203.389 Waived title objections. 203.400 Method of payment. 203.420 Nature of Mutual Mortgage Insur-ance Fund. 203.421 Allocation of Mutual Mortgage In-surance Fund income or loss. 203.422 Right and liability under Mutual Mortgage Insurance Fund. 203.423 Distribution of distributive shares.

20、203.424 Maximum amount of distributive shares. 203.425 Finality of determination. 203.436 Claim proceduregraduated pay-ment mortgages. 203.438 Mortgages on Indian land insured pursuant to section 248 of the National Housing Act. 203.439 Mortgages on Hawaiian home lands insured pursuant to section 24

21、7 of the Na-tional Housing Act. 203.439a Mortgages on property in Allegany Reservation of Seneca Nation of Indians authorized by section 203(q) of the Na-tional Housing Act. (b) For the purposes of this subpart, all references in part 203 of this chapter to section 203 of the Act shall be con-strued

22、 to refer to section 221 of the Act, and all references to the Mutual Mortgage Insurance Fund shall be con-strued to refer to the General Insur-ance Fund. 36 FR 24587, Dec. 22, 1971, as amended at 37 FR 8663, Apr. 29, 1972; 41 FR 42949, Sept. 29, 1976; 42 FR 29304, June 8, 1977; 47 FR 30754, July 15

23、, 1982; 48 FR 28807, June 23, 1983; 51 FR 21874, June 16, 1986; 52 FR 8069, Mar. 16, 1987; 52 FR 28470, July 30, 1987; 52 FR 48204, Dec. 21, 1987; 53 FR 9869, Mar. 28, 1988; 55 FR 34810, Aug. 24, 1990; 61 FR 37801, July 19, 1996 221.252 Substitute mortgagors. (a) Selling mortgagor. The mortgagee may

24、 effect the release of a mortgagor from personal liability on the mort-gage note only if it obtains the Com-missioners approval of a substitute mortgagor, as provided by this section. (b) Purchasing mortgagor. The Com-missioner may approve a substitute mortgagor with respect to any mort-gage insured

25、 under subpart A of this part, if the substitute mortgagor is to occupy the dwelling as a principal resi-dence or a secondary residence (as these terms are defined in 221.20(c) or is a private nonprofit or public entity as provided in section 221(h) of the Na-tional Housing Act. (c) Applicabilitycur

26、rent mortgagor. Paragraph (b) of this section applies to VerDate Mar2010 10:21 May 10, 2011 Jkt 223078 PO 00000 Frm 00329 Fmt 8010 Sfmt 8010 Y:SGML223078.XXX 223078WReier-Aviles on DSKGBLS3C1PROD with CFRProvided by IHSNot for ResaleNo reproduction or networking permitted without license from IHS-,-

27、,-320 24 CFR Ch. II (4111 Edition) 221.254 the Commissioners approval of a sub-stitute mortgagor, only if the mort-gage executed by the original mort-gagor met the conditions of 203.258(c) of this chapter. (d) Applicabilityearlier mortgagor. The occupancy and similar require-ments set forth in 203.2

28、58(d) of this chapter apply to mortgages insured under subpart A of this part. (e) Mortgagees approved for partici-pation in the Direct Endorsement pro-gram under 203.3 of this chapter may, subject to limitations established by the Commissioner, themselves approve an appropriate substitute mortgagor

29、 under the section and need not obtain further specific approval from the Commissioner. (f) Definition. As used in this section, the term substitute mortgagor includes: (1) Persons who, upon the release by a mortgagee of a previous mortgagor from personal liability on the mort-gage note, assume this

30、 liability and agree to pay the mortgage debts and (2) Persons who purchase without as-suming liability on the mortgage note or purchase where no release is given by the mortgagee to the previous mort-gagor. 55 FR 34810, Aug. 24, 1990, as amended at 57 FR 58351, Dec. 9, 1992 221.254 Mortgage insuran

31、ce pre-miums. (a) All of the provisions of 203.260 through 203.295 of this chapter relating to mortgage insurance premiums shall apply to mortgages insured under this subpart, except that as to mortgages meeting the special requirements of 221.60 or 221.65, such provisions shall only be applicable u

32、nder the cir-cumstances prescribed in paragraph (b) of this section. Notwithstanding any provision in the mortgage instrument, there shall be no adjusted mortgage in-surance premium or voluntary termi-nation charge due the Commissioner on account of the prepayment of any mortgage or the voluntary te

33、rmination of any mortgage insurance contract where (1) The mortgage is prepaid in full, or (2) the Commissioner receives a request for voluntary termination on or after May 1, 1972. (b) Whenever the interest rate on a mortgage insured under this part as having met the special requirement of 221.60 o

34、r 221.65 shall have been in-creased to the maximum rate in ac-cordance with 221.60(j), 221.65(d)(4), or 221.65(d)(5), the provisions of 203.260 through 203.295 of this chapter relating to mortgage insurance premiums shall apply except that: (1) References to the original prin-cipal amount shall be c

35、onstrued as the scheduled unpaid principal balance, without taking into account delin-quent payments or prepayments, on the date of the change in interest rate required under the mortgage. (2) References to the date of the issuance of a Mortgage Insurance Cer-tificate or the date of the endorsement

36、of the credit instrument or the date the insurance becomes effective shall be construed as the date of the change in interest required under the mort-gage. (3) References to the first year of am-ortization under the mortgage shall be construed as the period beginning on the date of the change in int

37、erest rate required under the mortgage and end-ing on the next anniversary of the be-ginning of amortization. 36 FR 24587, Dec. 22, 1971, as amended at 37 FR 8663, Apr. 29, 1972 221.255 Assignment option. (a) A mortgagee holding a mortgage insured pursuant to a conditional or firm commitment issued

38、on or before November 30, 1983 has the option to as-sign, transfer and deliver to the Com-missioner the original credit instru-ment and the mortgage securing it, provided the mortgage is not in default at the expiration of 20 years from the date of final endorsement of the credit instrument. In proc

39、essing a mortga-gees claim for insurance benefits under this section, the Commissioner may direct the mortgagee to assign, transfer and deliver the original credit instrument, and the mortgage securing it, directly to the Government Na-tional Mortgage Association (GNMA). Upon such assignment, transf

40、er and de-livery, either to the Commissioner or to GNMA, as directed, the mortgage in-surance contract shall terminate and the mortgagee shall be entitled to re-ceive insurance benefits in accordance with this section. VerDate Mar2010 10:21 May 10, 2011 Jkt 223078 PO 00000 Frm 00330 Fmt 8010 Sfmt 80

41、10 Y:SGML223078.XXX 223078WReier-Aviles on DSKGBLS3C1PROD with CFRProvided by IHSNot for ResaleNo reproduction or networking permitted without license from IHS-,-,-321 Office of Assistant Secretary for Housing, HUD 221.256 (b) The mortgagee may exercise its assignment option within 1 year fol-lowing

42、 the twentieth anniversary of the date the mortgage was endorsed for insurance. (c) Upon the exercise of the assign-ment option the Commissioner shall issue to the assignor mortgagee deben-tures having a total face value equal to the amount of the original principal obligation of the mortgage which

43、was unpaid on the date of the assignment, plus accrued interest to such date. (d) The debentures issued pursuant to the exercise of an assignment option shall be dated as of the date the mort-gage is assigned to the Commissioner and shall mature 10 years after such date. (e) The debentures issued pu

44、rsuant to the exercise of an assignment option shall bear interest at the going Federal rate at date of issuance. The going Fed-eral rate means the annual rate of in-terest specified by the Secretary of the Treasury as applicable to the 6-month period which includes the issuance date of the debentur

45、es. The Secretary of the Treasury shall determine this applica-ble rate by estimating the average yield to maturity, on the basis of daily closing market bid quotations or prices during the month of May or the month of November, as the case may be, next preceding such 6-month period, on all outstand

46、ing marketable obligations of the United States having a maturity date of 8 to 12 years from the first day of May or November, as the case may be. If there should be no outstanding marketable obligations of the United States having the 8 to 12 year maturity at the time the Secretary of the Treas-ury

47、 is required to determine the deben-ture rate involved, the obligation next shorter than 8 years and the obligation next longer than 12 years respectively, shall be used. (f) Debentures shall bear interest from the date of issue, payable semi-annually on the first day of January and the first day of

48、 July of each year at the rate in effect on the issue date, a date which shall be established as provided in 203.410 of this chapter. The interest rate shall be established by the Commissioner in an amount not in excess of the annual rate of interest which the Secretary of the Treasury shall specify

49、 as applicable to the 6- month period (consisting of January through June, or July through Decem-ber) which includes the issuance date of such debentures, which applicable rate for each 6-month period shall be determined by the Secretary of the Treasury, at the request of the Com-missioner, by estimating the average yield to maturity, on the basis of daily closing market bid quotations or prices during the calendar mo