1、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 lend
2、er 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 Commission
3、er 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 BOARD A
4、ND 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 November 1
5、2, 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 sect
6、ion. 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 appli
7、es 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-nary as
8、 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 commit-
9、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 Commissio
10、ner. 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) Extensions
11、 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 commitments fo
12、r 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 prov
13、ided 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
14、for ResaleNo reproduction or networking permitted without license from IHS-,-,-506 24 CFR Ch. II (4111 Edition) 252.2 (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
15、the format pre-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 perta
16、ining to initial term and exten-sions; (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
17、 does not permit 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
18、by the Office of Management and Budget under control num-ber 25020437) 55 FR 41319, Oct. 10, 1990 252.2 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 G
19、NMA pools by 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 mortg
20、age to itself. 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
21、attempt will 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) Fo
22、r any Coinsured 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 foreclo
23、sure. (c) GNMA, 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 Mortg
24、age assigned 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 232. Any future claim by GNMA, or any as-signment of the fully insured Mort-gage, will be governed by the appro-priate provision
25、s of 24 CFR part 232, ex-cept that any payment will be made in cash instead of debentures. 59 FR 1475, Jan. 11, 1994 252.3 Case-by-case conversion to full insurance. CROSS REFERENCE: The provisions of 24 CFR 251.3 apply to this part. 61 FR 49038, Sept. 17, 1996 252.6 Method of payment of mortgage in
26、surance premiums. The provisions of 24 CFR 251.6 shall apply to this part. 63 FR 1303, Jan. 8, 1998 VerDate Mar2010 10:21 May 10, 2011 Jkt 223078 PO 00000 Frm 00516 Fmt 8010 Sfmt 8010 Y:SGML223078.XXX 223078WReier-Aviles on DSKGBLS3C1PROD with CFRProvided by IHSNot for ResaleNo reproduction or netwo
27、rking permitted without license from IHS-,-,-507 Office of Assistant Secretary for Housing, HUD 255.1 PART 255COINSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS Sec. 255.1 Termination of program. 255.2 GNMA right to assignment. 255.3 Case-by-case conversion to full
28、insur-ance. 255.6 Method of payment of mortgage insur-ance premiums. AUTHORITY: 12 U.S.C. 1515b, 1715z-9; 42 U.S.C. 3535(d). 255.1 Termination of program. (a) Effective on November 12, 1990, the authority to coinsure mortgages under this part is terminated, except that the Department: (1) Will honor
29、 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 255, as it existed immediately be-fore November 12, 1990, will continue to govern the rights and obligations
30、 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 application for mortgage coinsurance for which a lend-er has accepted a non-refundable appli-cation fee befo
31、re 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 full approval to process coinsurance applications and without regard to whether the lender is under probation
32、. 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 to HUD headquarters and to the HUD field office with jurisdic-tion for the proposed project such ex-hibit
33、s 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 Offices shall not endorse any case covered by this precommitment review requirement unless the lender submi
34、ts 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 commitments for projects which had outstanding legally binding commitments as of November 12, 1990 are limited as
35、follows: (1) Conditional commitments may be extended not to exceed 180 days from the date of original issuance; (2) Firm commitments may be grant-ed two 60-day extensions. However, should any underwriting con-clusions be altered and reflected in the extension, the project must be sub-mitted for prec
36、ommitment review in accordance with paragraph (b) of this section. In the event an extension is re-quired beyond those provided for in this paragraph, the case will be subject to the precommitment review process described in paragraph (b) of this sec-tion. (d) Reopened expired commitments are subjec
37、t 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 pre-scribed in the appropriate HUD Hand-book and contains only such modifica-tions as have been approved by HUD in writing; (2) All required underwrit
38、ing, anal-yses, reviews and approvals have been accomplished prior to issuance of the commitment; (3) It conforms to HUD requirements pertaining to initial 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 commi
39、tment, or endorsement in the case of a firm commitment) if the applicant mortgagor complies with all conditions of such commitment; (5) It does not permit the lender to change unilaterally the conditions or terms of the commitment; and VerDate Mar2010 10:21 May 10, 2011 Jkt 223078 PO 00000 Frm 00517 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-,-,-
