1、503 Office of Assistant Secretary for Housing, HUD 251.1 (2) Does not receive direct Federal appropriations for operating support; (3) In the case of a national nonprofit organization, has been in existence for at least five years prior to the date of application and has been classified by the Inter
2、nal Revenue Service as an ex-empt organization under section 501(c)(3) of the Internal Revenue Code of 1986; (4) In the case of a regional or State nonprofit organization, has been in ex-istence for at least three years prior to the date of application and has been classified by the Internal Revenue
3、 Service as an exempt organization under section 501(c)(3) of the Internal Revenue Code of 1986 or is otherwise a tax-exempt entity; (5) Has a record of service to low in-come individuals or community-based nonprofit housing development in mul-tiple communities and, with respect to intermediaries ad
4、ministering assist-ance under 248.405, has experience with the allocation or administration of grant or loan funds; and (6) Meets standards of fiscal responsi-bility established by the Commis-sioner. PART 251COINSURANCE FOR THE CONSTRUCTION OR SUBSTANTIAL REHABILITATION OF MULTIFAMILY HOUSING PROJEC
5、TS Sec. 251.1 Termination of program. 251.2 GNMA right to assignment. 251.3 Case-by-case conversion to full insur-ance. 251.6 Method of payment of mortgage insur-ance premiums. AUTHORITY: 12 U.S.C. 1715b, 1715z9; 42 U.S.C. 3535(d). 251.1 Termination of program. (a) Effective on November 12, 1990, th
6、e authority to coinsure mortgages under this part is terminated, except that the Department (1) Will honor legally binding and validly issued commitments issued be-fore November 12, 1990 and (2) Will accept for review the coinsur-ance applications described in para-graph (b) of this section. Part 25
7、1, as it existed immediately be-fore November 12, 1990, will continue to govern the rights and obligations of co-insured lenders, mortgagors, and the Department of Housing and Urban De-velopment with respect to loans coin-sured under this part. (b) A precommitment review proce-dure applies to any ap
8、plication for mortgage coinsurance for which a lend-er has accepted a non-refundable appli-cation fee before November 12, 1990 under this part and for which a legally binding Conditional or Firm Commit-ment is proposed to be issued. This pro-cedure applies to lenders with prelimi-nary as well as ful
9、l approval to process coinsurance applications and without regard to whether the lender is under probation. For any coinsurance appli-cation for which the lender has accept-ed an application and a non-refundable application fee before November 12, 1990, the lender shall, prior to commit-ment, submit
10、 to HUD headquarters and to the HUD field office with jurisdic-tion for the proposed project such ex-hibits and other information as has been specified in administrative in-structions of the Commissioner. The lender shall not issue a commitment without written approval from the Commissioner. Field O
11、ffices shall not endorse any case covered by this precommitment review requirement unless the lender submits with the en-dorsement package evidence of the Commissioners approval of the proc-essing and evidence of compliance with any conditions imposed by the Com-missioner. (c) Extensions of commitme
12、nts for projects which had outstanding legally binding commitments as of November 12, 1990 are limited as follows: (1) Firm commitments for insurance of advances may be granted two 60-day extensions; (2) Conditional commitments may be granted one 60-day extension; (3) Firm commitments for insurance
13、upon completion may not be extended. However, should any underwriting con-clusions be altered and reflected in the extension, the project must be sub-mitted for precommitment review in accordance with paragraph (b) of this section. In the event an extension is re-quired beyond those provided for in
14、this paragraph, the case will be subject to the precommitment review process VerDate Mar2010 10:21 May 10, 2011 Jkt 223078 PO 00000 Frm 00513 Fmt 8010 Sfmt 8010 Y:SGML223078.XXX 223078WReier-Aviles on DSKGBLS3C1PROD with CFRProvided by IHSNot for ResaleNo reproduction or networking permitted without
15、 license from IHS-,-,-504 24 CFR Ch. II (4111 Edition) 251.2 described in paragraph (b) of this sec-tion. (d) Reopened expired commitments are subject to precommitment review under paragraph (b) of this section. (e) HUD considers a commitment to be legally binding if: (1) It conforms to the format p
16、re-scribed in the appropriate HUD Hand-book and contains only such modifica-tions as have been approved by HUD in writing; (2) All required underwriting, anal-yses, reviews and approvals have been accomplished prior to issuance of the commitment; (3) It conforms to HUD requirements pertaining to ini
17、tial term and exten-sion; (4) It obligates the lender and HUD to proceed to the next stage (i.e., firm commitment in the case of a condi-tional commitment, or endorsement in the case of a firm commitment) if the applicant mortgagor complies with all conditions of such commitment; (5) It does not per
18、mit the lender to change unilaterally the conditions or terms of the commitment; and (6) It is signed by an official of the coinsuring lender who has been des-ignated and authorized in accordance with HUD requirements. (Information collection requirements in paragraph (b) were approved by the Office
19、 of Management and Budget under control num-ber 25020437) 55 FR 41318, Oct. 10, 1990 251.2 GNMA right to assignment. If the lender-issuer defaults on its ob-ligations under the GNMA Mortgage- Backed Securities Program, GNMA will have the right to cause all Coin-sured Mortgages held in GNMA pools by
20、the defaulting coinsuring lender- issuer to be assigned to another GNMA-approved coinsuring lender- issuer, or to GNMA itself. (a) For any Coinsured Mortgage that is not in default and is held by a de-faulting lender-issuer, GNMA will have the right to perfect an assignment of the mortgage to itself
21、. However, before exercising this right, GNMA will at-tempt to have the Mortgage assigned to another eligible coinsuring lender (unless GNMA determines, with the agreement of the Commissioner, that the attempt would prove ineffectual because of market conditions or other factors). This attempt will
22、be under-taken by soliciting offers to assume the defaulting lender-issuers rights and obligations under the Mortgage from those eligible coinsuring lenders that are also GNMA issuers and that are indicated on a periodically updated listing furnished to GNMA by the Com-missioner. (b) For any Coinsur
23、ed Mortgage that is in default and held by a defaulting lender-issuer, GNMA will have the right to perfect an assignment of the Coinsured Mortgage directly to itself before extinguishing the Mortgage by completion of foreclosure action or ac-quisition of title by deed-in-lieu of foreclosure. (c) GNM
24、A, as assignee, will give the Commissioner written notice, within 30 days after taking a Mortgage by as-signment in accordance with this sec-tion, in order to allow an appropriate endorsement and necessary changes in the Commissioners records. (d) The Commissioner will endorse any Mortgage assigned
25、to GNMA as provided by this section for full insur-ance, effective as of the date of assign-ment in accordance with the appro-priate provisions of 24 CFR part 221. Any future claim by GNMA, or any as-signment of the fully insured Mort-gage, will be governed by the appro-priate provisions of 24 CFR p
26、art 221, ex-cept that any payment will be made in cash instead of debentures. 59 FR 1475, Jan. 11, 1994 251.3 Case-by-case conversion to full insurance. Upon the request of a coinsuring lender, the Commissioner may endorse a coinsured Mortgage for full insur-ance, effective as of the date of such en
27、dorsement, if the Commissioner is satisfied that: (a) Continuing the Mortgage under coinsurance could jeopardize the lend-ers viability and ability to service its remaining portfolio of coinsured Mort-gages; (b) The lender has made reasonable efforts to work out any Mortgage de-fault consistent unde
28、r 24 CFR 251.811 (1990), but the remedies available to the VerDate Mar2010 10:21 May 10, 2011 Jkt 223078 PO 00000 Frm 00514 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-
29、,-,-505 Office of Assistant Secretary for Housing, HUD 252.1 lender have not been adequate to rein-state the Mortgage; (c) The conversion would be less cost-ly to HUD than if the Mortgage re-mained coinsured; (d) The lender has paid HUD the fee set forth through FEDERAL REGISTER notice; and (e) The
30、lender agrees to give the Commissioner written notice under 24 CFR 207.258 of its intent to file an in-surance claim upon the Commissioners endorsement of the Mortgage for full insurance. 61 FR 49038, Sept. 17, 1996 251.6 Method of payment of mortgage insurance premiums. In the cases that the Commis
31、sioner deems appropriate, the Commissioner may require, by means of instructions communicated to all affected lenders, that mortgage insurance premiums be remitted electronically. 63 FR 1303, Jan. 8, 1998 PART 252COINSURANCE OF MORTGAGES COVERING NURS-ING HOMES, INTERMEDIATE CARE FACILITIES, AND BOA
32、RD AND CARE HOMES Sec. 252.1 Termination of program. 252.2 GNMA right to assignment. 252.3 Case-by-case conversion to full insur-ance. 252.6 Method of payment of mortgage insur-ance premiums. AUTHORITY: 12 U.S.C. 1715b, 1715z9; 42 U.S.C. 3535(d). 252.1 Termination of program. (a) Effective on Novemb
33、er 12, 1990, the authority to coinsure mortgages under this part is terminated, except that the Department (1) Will honor legally binding and validly issued commitments issued be-fore November 12, 1990, and (2) Will accept for review the coinsur-ance applications described in para-graph (b) of this
34、section. Part 252, as it existed immediately be-fore November 12, 1990, will continue to govern the rights and obligations of co-insured lenders, mortgagors, and the Department of Housing and Urban De-velopment with respect to loans coin-sured under this part. (b) A precommitment review proce-dure a
35、pplies to any application for mortgage coinsurance for which a lend-er has accepted a non-refundable appli-cation fee before November 12, 1990 under this part and for which a legally binding Conditional or Firm Commit-ment is proposed to be issued. This pro-cedure applies to lenders with prelimi-nar
36、y as well as full approval to process coinsurance applications and without regard to whether the lender is under probation. For any coinsurance appli-cation for which the lender has accept-ed an application and a non-refundable application fee before November 12, 1990, the lender shall, prior to com
37、mit-ment, submit to HUD headquarters and to the HUD field office with jurisdic-tion for the proposed project such ex-hibits and other information as has been specified in administrative in-structions of the Commissioner. The lender shall not issue a commitment without written approval from the Commi
38、ssioner. Field Offices shall not endorse any case covered by this precommitment review requirement unless the lender submits with the en-dorsement package evidence of the Commissioners approval of the proc-essing and evidence of compliance with any conditions imposed by the Com-missioner. (c) Extens
39、ions of commitments for projects which had outstanding legally binding commitments as of November 12, 1990 are limited as follows: (1) Firm commitments for insurance of advances may be granted two 60-day extensions; (2) Conditional commitments may be granted one 60-day extension; (3) Firm commitment
40、s for insurance upon completion may not be extended. However, should any underwriting con-clusions be altered and reflected in the extension, the project must be sub-mitted for precommitment review in accordance with paragraph (b) of this section. In the event an extension is re-quired beyond those
41、provided for in this paragraph, the case will be subject to the precommitment review process described in paragraph (b) of this sec-tion. VerDate Mar2010 10:21 May 10, 2011 Jkt 223078 PO 00000 Frm 00515 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-,-,-
