1、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 insur-ance. 255.6 Method of payment of mortga
2、ge 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 legally binding and validly issued commitmen
3、ts 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 of co-insured lenders, mortgagors, and the D
4、epartment 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 before November 12, 1990 under this part and for
5、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. For any coinsurance appli-cation for which
6、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-hibits and other information as has been specified
7、 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 submits with the en-dorsement package evidence of
8、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 follows: (1) Conditional commitments may be e
9、xtended 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 precommitment review in accordance with paragraph
10、 (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 subject to precommitment review under paragraph (b)
11、 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 underwriting, anal-yses, reviews and approvals have be
12、en 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 commitment, or endorsement in the case of a firm c
13、ommitment) 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 223078WR
14、eier-Aviles on DSKGBLS3C1PROD with CFRProvided by IHSNot for ResaleNo reproduction or networking permitted without license from IHS-,-,-508 24 CFR Ch. II (4111 Edition) 255.2 (6) It is signed by an official of the coinsuring lender who has been des-ignated and authorized in accordance with HUD requi
15、rements. (Information collection requirements in paragraph (b) were approved by the Office of Management and Budget under control num-ber 25020437) 55 FR 41320, Oct. 10, 1990, as amended at 56 FR 14642, Apr. 11, 1991 255.2 GNMA right to assignment. If the lender-issuer defaults on its ob-ligations u
16、nder the GNMA Mortgage- Backed Securities Program, GNMA will have the right to cause all Coin-sured Mortgages held in GNMA 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 no
17、t 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. However, before exercising this right, GNMA will at-tempt to have the Mortgage assigned to another eligible coinsuring lender (unless GNMA determines, with the agreem
18、ent of the Commissioner, that the attempt would prove ineffectual because of market conditions or other factors). This 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 al
19、so GNMA issuers and that are indicated on a periodically updated listing furnished to GNMA by the Com-missioner. (b) For 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 be
20、fore extinguishing the Mortgage by completion of foreclosure action or ac-quisition of title by deed-in-lieu of foreclosure. (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
21、appropriate endorsement and necessary changes in the Commissioners records. (d) The Commissioner will endorse any Mortgage 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 207. Any
22、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 part 207, ex-cept that any payment will be made in cash instead of debentures. 59 FR 1475, Jan. 11, 1994 255.3 Case-by-case conversion to full insurance. CROSS REFERENCE
23、: The provisions of 24 CFR 251.3 apply to this part. 61 FR 49038, Sept. 17, 1996 255.6 Method of payment of mortgage insurance premiums. The provisions of 24 CFR 251.6 shall apply to this part. 63 FR 1303, Jan. 8, 1998 PART 257HOPE FOR HOMEOWNERS PROGRAM Subpart AHOPE for Homeowners ProgramGeneral R
24、equirements 257.1 Purpose of program. 257.3 Scope of part. 257.5 Approval of mortgagees. 257.7 Definitions. Subpart BEligibility Requirements and Underwriting Procedures 257.102 Cross-reference. 257.104 Eligible mortgages. 257.106 Eligible mortgagors. 257.108 Eligible properties. 257.110 Underwritin
25、g. 257.112 Mortgagee verifications. 257.114 Appraisal. 257.116 Representations and prohibitions. 257.118 Exit fee. 257.120 Appreciation sharing or up-front payment. 257.122 Forgiveness or waiver of prepayment penalties and default fees. Subpart CRights and Obligations Under the Contract of Insurance
26、 257.201 Cross-reference. 257.203 Calculation of up-front and annual mortgage insurance premiums for H4H program mortgages. VerDate Mar2010 10:21 May 10, 2011 Jkt 223078 PO 00000 Frm 00518 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-,-,-
