1、97 SUBCHAPTER BMORTGAGE AND LOAN INSURANCE PRO-GRAMS UNDER NATIONAL HOUSING ACT AND OTHER AUTHORITIES PART 201TITLE I PROPERTY IM-PROVEMENT AND MANUFAC-TURED HOME LOANS Subpart AGeneral Sec. 201.1 Purpose. 201.2 Definitions. 201.3 Applicability of the regulations. 201.4 Rules of construction. 201.5
2、Waivers. 201.6 Disclosure and verification of Social Security and Employer Identification Numbers. Subpart BLoan and Note Provisions 201.10 Loan amounts. 201.11 Loan maturities. 201.12 Requirements for the note. 201.13 Interest and discount points. 201.14 Payments on the loan. 201.15 Late charges to
3、 borrowers. 201.16 Default provision. 201.17 Prepayment provision. 201.18 Modification agreement or repay-ment plan. 201.19 Refinanced and assumed loans. Subpart CEligibility and Disbursement Requirements 201.20 Property improvement loan eligi-bility. 201.21 Manufactured home loan eligibility. 201.2
4、2 Credit requirements for borrowers. 201.23 Borrowers initial payment. 201.24 Security requirements. 201.25 Charges to borrower to obtain loan. 201.26 Conditions for loan disbursement. 201.27 Requirements for dealer loans. 201.28 Flood and hazard insurance, and Coastal Barriers properties. 201.29 In
5、eligible participants. Subpart DInsurance of Loans 201.30 Reporting of loans for insurance. 201.31 Insurance charge. 201.32 Insurance coverage reserve account. Subpart ELoan Administration 201.40 Post-disbursement loan require-ments. 201.41 Loan servicing. 201.42 Bankruptcy, insolvency or death of b
6、orrower. 201.43 Administrative reports and examina-tions. Subpart FDefault Under the Loan Obligation 201.50 Lender efforts to cure the default. 201.51 Proceeding against the loan security. 201.52 Acquisition by voluntary conveyance or surrender. 201.53 Disposition of manufactured home loan property.
7、 201.54 Insurance claim procedure. 201.55 Calculation of insurance claim pay-ment. Subpart GDebts Owed to the United States Under Title I 201.60 General. 201.61 Claims against debtorsprincipal amount of debt. 201.62 Claims against debtorsinterest, penalties, and administrative costs. 201.63 Claims a
8、gainst lenders. AUTHORITY: 12 U.S.C. 1703 and 3535(d). SOURCE: 50 FR 43523, Oct. 25, 1985, unless otherwised noted. Subpart AGeneral 201.1 Purpose. These regulations implement the pro-visions of section 2 of title I of the Na-tional Housing Act (12 U.S.C. 1703). They contain the requirements under w
9、hich an approved financial institution may obtain insurance on loans made for the alteration, repair or improve-ment of property, for the purchase of a manufactured home and/or the lot on which to place such home, for the pur-chase and installation of fire safety equipment in existing health care fa
10、-cilities, and for the preservation of his-toric structures. The insurance granted by the Secretary of Housing and Urban Development shall be available only for loans involving property located within a State, as that term is defined in 201.2. The insurance can cover up to 10 percent of the amount o
11、f all insured Title I loans in the financial institu-tions portfolio, as reflected in the total amount of insurance coverage VerDate Mar2010 10:21 May 10, 2011 Jkt 223078 PO 00000 Frm 00107 Fmt 8010 Sfmt 8010 Y:SGML223078.XXX 223078WReier-Aviles on DSKGBLS3C1PROD with CFRProvided by IHSNot for Resal
12、eNo reproduction or networking permitted without license from IHS-,-,-98 24 CFR Ch. II (4111 Edition) 201.2 contained at any time in an insurance coverage reserve account established by the Secretary, less amounts for in-surance claims paid. As limited by the amount of insurance coverage in such a r
13、eserve account, the insurance can cover up to 90 percent of the loss of any individual loan. 50 FR 43523, Oct. 25, 1985, as amended at 61 FR 19795, May 2, 1996 201.2 Definitions. As used in the regulations in this part the term: Act means the National Housing Act, 12 U.S.C. 1703. Actuarial method me
14、ans the method of allocating payments made on a loan between the outstanding balance of the principal amount borrowed and the in-terest due on a loan obligation, under which a payment is applied first to the accrued interest, and any remainder is subtracted from, or any deficiency is added to, the u
15、npaid balance of the ob-ligation. Borrower means one who applies for and receives a loan insured under this part. The term may also include any co-maker or co-signer or any assumptor who is obligated for the re-payment of a loan obligation insured under this part. Combination loan means a loan made
16、for the purchase or refinancing in a single transaction of a manufactured home and a manufactured home lot, and may also include a garage, patio, carport, or other comparable appur-tenance. Dealer means, in the case of property improvement loans, a seller, con-tractor, or supplier of goods or serv-i
17、ces. In the case of manufactured home loans, dealer means one who engages in the business of manufactured home re-tail sales. Dealer loan means a loan where a dealer, having a direct or indirect fi-nancial interest in the transaction be-tween the borrower and the lender, as-sists the borrower in pre
18、paring the credit application or otherwise assists the borrower in obtaining the loan from the lender. In the case of a prop-erty improvement loan, the lender may disburse the loan proceeds solely to the borrower, or jointly to the borrower and the dealer or other parties to the transaction. In the
19、case of a manufac-tured home loan, the lender may dis-burse the loan proceeds solely to the dealer or the borrower, or jointly to the borrower and the dealer or other parties to the transaction. Debtor means the borrower, any co- maker or co-signer, and any assumptor who is liable for the repayment
20、of a de-faulted loan obligation insured under this part. Default means a failure by the bor-rower to make any payment due under the note, when such failure continues for a period of 30 days. For the purpose of these regulations, the date of de-fault shall be considered as 30 days after the first fai
21、lure to make an in-stallment payment on the note which is not covered by subsequent payments, when applied to the overdue install-ments in the order in which they be-came due. Direct loan means a loan for which a borrower makes application directly to a lender without any assistance from a dealer. T
22、he credit application, signed by the borrower, may be filled out by the borrower or by a person acting at the direction of the borrower who does not have a financial interest in the loan transaction. The lender may dis-burse the loan proceeds solely to the borrower or jointly to the borrower and oth
23、er parties to the transaction. If a dealer takes legal action required by State law in order for the lender to ob-tain a valid and enforceable lien against the property, such action by the dealer will not convert an other-wise direct loan to a dealer loan. Discount points means a fee charged by the
24、lender, separate from interest but part of the total finance charges on the loan, that is part of the lenders total yield on the loan needed to main-tain a competitive position with other types of investments. One discount point equals one percent of the prin-cipal amount of the loan. As discount po
25、ints on the loan increase, the inter-est rate can be expected to decrease in a fairly consistent relationship. Existing structure means a dwelling, including a manufactured home, that was completed and occupied at least 90 days prior to an application for a Title I loan, or a nonresidential structur
26、e that was a completed building with a VerDate Mar2010 10:21 May 10, 2011 Jkt 223078 PO 00000 Frm 00108 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-,-,-99 Office of Ass
27、istant Secretary for Housing, HUD 201.2 distinctive functional use prior to an application for a Title I loan. However, these occupancy and completion re-quirements shall not apply to: (1) Loans having a principal obliga-tion of $1000 or less; or (2) Residential structures which have been damaged by
28、 conditions deter-mined by the President to warrant re-lief under the provisions of title 42, chapter 68, of the United States Code. Fire safety equipment loan means a loan made to finance the purchase and installation of any device or construc-tion feature which is recognized in the latest edition
29、of the Department of Housing and Urban Developments Min-imum Property Standards for Care Type Housing (HUD Handbook 4920.1) or the Fire Safety Code of the National Fire Protection Association, and which is designed to reduce the risk of death, personal injury, or property damage re-sulting from a fi
30、re in a health care fa-cility. Furniture means movable articles of personal property relating to a home or dwelling, such as beds, chairs, sofas, lamps, tables, rugs, etc.; however, fur-niture does not include: (1) Items built into the home or dwelling such as wall-to-wall carpeting or heating or co
31、oling equipment; or (2) Large appliances such as refrig-erators, ovens, ranges, dishwashers, clothes washers or clothes dryers. Health care facility means a propri-etary facility or facility of a private nonprofit corporation or association, licensed or regulated by the State or by the municipality
32、or other political subdivision in which the facility is lo-cated, and operated as one or more of the following: (1) A nursing home for the accommo-dation of convalescents or other per-sons who are not acutely ill and not in need of hospital care, but who require skilled nursing care and related med-
33、ical services performed under the gen-eral direction of persons licensed by the law of the State where the facility is located to provide such care or serv-ices; (2) An intermediate health care facil-ity for the accommodation of persons who, because of incapacitating infir-mities, require minimum bu
34、t contin-uous care, but not continuous medical care or nursing services; (3) An extended health care facility for inpatient care for convalescents or chronic disease patients who require skilled nursing care and related med-ical services; or (4) Other comparable health care fa-cility. Historic prese
35、rvation loan means a loan to finance the preservation (res-toration or rehabilitation) of an his-toric residential structure which is listed on the National Register of His-toric Places or which is certified by the Secretary of the Interior as conforming with National Register criteria. Lender means
36、 a financial institution that: (1) Holds a valid Title I contract of insurance and is approved by the Sec-retary under 24 CFR part 202 to origi-nate, purchase, hold, service, and/or sell loans insured under this part; or (2) Is under suspension or holds a Title I contract of insurance that has been
37、terminated, but that remains re-sponsible for servicing or selling Title I loans that it holds and is authorized to file insurance claims on such loans. For purposes of loan origination under subparts A, B, and C of this part, the term lender also includes a loan correspondent as defined in this sec
38、-tion. Loan means a disbursement of pro-ceeds (funds) or an advance of credit to or for the benefit of a borrower who promises to repay the principal amount of such disbursement or advance, plus interest, if any, at a stated annual rate over time, with the borrowers obliga-tion evidenced by the borr
39、owers execu-tion of a note. Loan also means a pur-chase by a lender of a note evidencing such obligation, or a refinancing of an existing obligation with or without an additional disbursement of proceeds or advance of credit. Loan correspondent means a financial institution approved by the Secretary
40、 to originate Title I direct loans for sale or transfer to a sponsoring lending in-stitution which holds a valid Title I contract of insurance and is not under suspension. Manufacturers invoice means a docu-ment issued by a manufacturer and provided with a manufactured home to VerDate Mar2010 10:21
41、May 10, 2011 Jkt 223078 PO 00000 Frm 00109 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-,-,-100 24 CFR Ch. II (4111 Edition) 201.2 a retail dealer which separately detai
42、ls the wholesale (base) prices at the fac-tory for specific models or series of manufactured homes and itemized op-tions (large appliances, built-in items and equipment), plus actual itemized charges for freight from the factory to the dealers lot or the homesite (in-cluding any rental of wheels and
43、 axles) and for any sales taxes to be paid by the dealer. The invoice may recite such prices and charges on an itemized basis or by stating an aggregate price or charge, as appropriate, for each cat-egory. The manufacturer shall certify on the invoice, or on a supplement which is attached to and mad
44、e a part of the invoice, as follows: The undersigned certifies under applicable criminal and civil penalties for fraud and misrepresentation that: (1) The wholesale (base) prices for the manufactured home and itemized options, the charges for freight and dealer-paid sales taxes, and all other state-
45、ments in this invoice are true and accurate; (2) all such prices reflect the actual dealer costs at the factory, as quoted in the appli-cable current manufacturers wholesale (base) price list; (3) except for any payments of volume incentives or special benefits re-lated to this transaction, all such
46、 prices and charges exclude any costs of trade associa-tion fees or charges, discounts, bonuses, re-funds, rebates, prizes, loan discount points or other financing charges, or anything else of more than nominal value which will inure to the benefit of the dealer and/or home pur-chaser at any date; a
47、nd (4) the manufacturer has not made and will not make any pay-ments to or for the benefit of the dealer and/ or home purchaser that are not disclosed on this invoice or invoice supplement. Manufactured home means a trans-portable structure, comprised of one or more modules, each built on a perma-ne
48、nt chassis, with or without a perma-nent foundation, designed for occu-pancy as a principal residence by a sin-gle family. A new manufactured home shall comply with the minimum prop-erty standards prescribed by the Sec-retary to assure its livability and dura-bility that are published as the Manu-fa
49、ctured Home Construction and Safe-ty Standards implementing the Na-tional Manufactured Housing Construc-tion and Safety Standards Act of 1974, 42 U.S.C. 54015426, at 24 CFR part 3280. To qualify for a manufactured home loan insured under this part, an exist-ing manufactured home must have been constructed in accordance with standards published at 24 CFR part 3280 and must meet standards similar to the minimum property standards applica-ble to existing
