1、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 requirements. (Information collection requirements in paragraph (b) were approved by the Office of Management and Budget under control num-be
2、r 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 under the GNMA Mortgage- Backed Securities Program, GNMA will have the right to cause all Coin-sured Mortgages held in GNMA pools by the
3、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. Ho
4、wever, 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 be u
5、nder-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 Coinsured M
6、ortgage 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) GNMA, a
7、s 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 to G
8、NMA 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 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
9、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: 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.
10、 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 Requirements 257.1 Purpose of program. 257.3 Scope of part. 257.5 Approval of mortgagees. 257.7 Definitions. Subpart BEligibility Require
11、ments and Underwriting Procedures 257.102 Cross-reference. 257.104 Eligible mortgages. 257.106 Eligible mortgagors. 257.108 Eligible properties. 257.110 Underwriting. 257.112 Mortgagee verifications. 257.114 Appraisal. 257.116 Representations and prohibitions. 257.118 Exit fee. 257.120 Appreciation
12、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 257.201 Cross-reference. 257.203 Calculation of up-front and annual mortgage insurance premiums for H4H program mortgages. VerDate Mar2
13、010 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-,-,-509 Office of Assistant Secretary for Housing, HUD 257.7 Subpart DS
14、ervicing Responsibilities 257.301 Cross-reference. 257.303 Prohibition on subordinate liens during first 5 years. Subpart EEnforcement 257.401 Notice of false information from mortgagor-procedure. 257.403 Prohibitions on interested parties in insured mortgage transaction. 257.405 Mortgagees. AUTHORI
15、TY: 12 U.S.C. 1701z22; 42 U.S.C. 3535(d). SOURCE: 75 FR 1691, Jan. 12, 2010, unless otherwise noted. Subpart AHOPE for Homeowners ProgramGeneral Requirements 257.1 Purpose of program. The HOPE for Homeowners (H4H) program is a temporary program au-thorized by section 257 of the National Housing Act,
16、 established within the Federal Housing Administration (FHA) of the Department of Housing and Urban Development (HUD) that offers to homeowners and existing loan hold-ers (or servicers acting on their behalf), FHA insurance on refinanced loans for distressed borrowers to support long- term sustainab
17、le homeownership by, among other things, allowing home-owners to avoid foreclosure. The H4H program is administered by HUD through FHA. As used in this subpart, the terms HUD and FHA are inter-changeable. 257.3 Scope of part. (a) Core requirements. This subpart es-tablishes the core requirements for
18、 the H4H program. (b) Basic program parameters. (1) FHA is authorized to insure eligible refi-nanced mortgages under the H4H pro-gram commencing no earlier than Oc-tober 1, 2008. The authority to insure additional mortgages under the H4H program expires September 30, 2011. (2) Under the H4H program,
19、 an eligi-ble mortgagor may obtain a refi-nancing of his or her existing mort-gage(s) with a new mortgage loan in-sured by FHA, subject to conditions and restrictions specified in section 257 of the National Housing Act and re-quirements established by HUD. (c) Other applicable requirements. Ex-cept
20、 as may be otherwise provided by HUD, the provisions and requirements in the FHA regulations at 24 CFR part 203, which generally are applicable to all FHA-insured single-family mort-gage insurance programs, also apply with respect to the insurance of a refi-nanced eligible mortgage under the H4H pro
21、gram. 257.5 Approval of mortgagees. (a) Eligibility. In order for a mortgage to be eligible for insurance under this part, the mortgagee originating the mortgage loan and seeking mortgage insurance under this part shall have been approved by HUD pursuant to 24 CFR part 202. (b) Mortgagee whose loan
22、is to be refi-nanced. A mortgagee holding or serv-icing an eligible mortgage to be refi-nanced and insured under section 257 of the National Housing Act is not re-quired to be an approved mortgagee as required in paragraph (a) of this sec-tion, unless the mortgagee seeks to be the originator of the
23、refinanced mort-gage to be insured by FHA. 257.7 Definitions. As used in this part and in the H4H program, the following definitions apply. Act means the National Housing Act (12 U.S.C. 1701 et seq.). Allowable closing costs mean charges, fees, and discounts that the mortgagee may collect from the m
24、ortgagor as pro-vided at 24 CFR 203.27(a). Board means the Advisory Board for the HOPE for Homeowners program, which is comprised of the Secretary of HUD, the Secretary of the Treasury, the Chairman of the Board of Gov-ernors of the Federal Reserve System (Federal Reserve Board), and the Chair-perso
25、n of the Board of Directors of the Federal Deposit Insurance Corporation or the designees of each such indi-vidual. Contract of insurance means the agreement by which FHA provides mortgage insurance to a mortgagee. Default and delinquency fees means late charges contained in a mortgage/ security ins
26、trument for the late or VerDate Mar2010 10:21 May 10, 2011 Jkt 223078 PO 00000 Frm 00519 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-,-,-510 24 CFR Ch. II (4111 Edition
27、) 257.7 nonreceipt of payments from mortga-gors after the date upon which pay-ment is due, including charges imposed by the mortgagee for the return of pay-ments on the mortgage due to insuffi-cient funds. Direct financial benefit means the same as initial equity determined under 257.118(a). Disposi
28、tion means any transaction that results in whole or partial trans-fer of title of a property other than (1) A sale of the property; or (2) Any transaction or transfer speci-fied at 12 U.S.C. 1701j3(d)(1) through (8). Eligible Mortgage means a mortgage as defined at 257.104. Existing senior mortgage
29、means an eli-gible mortgage that has superior pri-ority and is being refinanced by a mortgage insured under section 257 of the Act. Existing subordinate mortgage means a mortgage that is subordinate in pri-ority to an eligible mortgage that is being refinanced by a mortgage insured under section 257
30、 of the Act. FHA means the Federal Housing Ad-ministration. HOPE for Homeowners program (or H4H program) means the program es-tablished under section 257 of the Act. HUD means the Department of Hous-ing and Urban Development. Intentionally defaulted for purposes of section 257(e)(1)(A) of the Act me
31、ans the mortgagor: (1) Knowingly failed to make pay-ment on the mortgage or debt; (2) Had available funds at the time payment on the mortgage or debt was due that could pay the mortgage or debt without undue hardship; and (3) The debt was not subject to a bona fide dispute. Mortgage has the same mea
32、ning as provided at 24 CFR 203.17(a)(1). Mortgagee has the same meaning as provided at 24 CFR 203.251(f). Mortgagor has the same meaning as provided at 24 CFR 203.251(e). Net worth means the total dollar amount of all liabilities subtracted from the total dollar amount of all as-sets (other than ret
33、irement accounts) of the mortgagor. Prepayment penalties mean such amounts as defined at 12 CFR 226.32(d)(6) of the Federal Reserve Boards Regulation Z (Truth in Lend-ing). Primary residence means the dwelling where the mortgagor maintains his or her permanent place of abode and typi-cally spends th
34、e majority of the cal-endar year. A mortgagor can have only one primary residence. Program mortgage means the mort-gage into which the existing senior mortgage is refinanced. Related party of a person means any of the following or another person act-ing on behalf of the person or any of the followin
35、g (1) The persons father, mother, step-father, stepmother, brother, sister, stepbrother, stepsister, son, daughter, stepson, stepdaughter, grandparent, grandson, granddaughter, father-in- law, mother-in-law, brother-in-law, sis-ter-in-law, son-in-law, daughter-in-law, the spouse of any of the forego
36、ing, and the persons spouse; (2) Any entity of which 25 percent or more of any class of voting securities is owned, controlled, or held in the aggre-gate by the person or the persons re-ferred to in paragraph (1) of this defini-tion; and (3) Any entity of which the person or any person referred to i
37、n paragraph (1) of this definition serves as a trustee, general partner, limited partner, man-aging member, or director. Secretary means the Secretary of Housing and Urban Development. Substantial debt means any individual liability of the mortgagor that exceeds $100,000. Total monthly mortgage paym
38、ent means the sum of: (1) Principal and interest, as deter-mined on a fully indexed and fully am-ortized basis; and (2) Escrowed amounts. (i) The monthly required amount collected by or on be-half of the mortgagee for real estate taxes, premiums for required hazard and mortgage insurance, homeowners
39、 association dues, ground rent, special assessments, water and sewer charges, and other similar charges required by the note or security instrument; or (ii) For mortgages not subject to es-crow deposits, 1/12 of the estimated an-nual costs for items listed in paragraph (2)(i) of this definition. Ver
40、Date Mar2010 10:21 May 10, 2011 Jkt 223078 PO 00000 Frm 00520 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-,-,-511 Office of Assistant Secretary for Housing, HUD 257.106
41、 Subpart BEligibility Requirements and Underwriting Procedures 257.102 Cross-reference. (a) All of the provisions of 24 CFR part 203, subpart A, concerning eligi-bility requirements of mortgages cov-ering one-to-four family dwellings under section 203 of the National Hous-ing Act (12 U.S.C. 1709) ap
42、ply to mort-gages on one-to-four family dwellings to be insured under section 257 of the National Housing Act (12 U.S.C. 1701z 22), except the following provisions: 203.7 Commitment process; 203.10 Informed consumer choice for prospective FHA mortgagors; 203.12 Mortgage insurance on proposed or new
43、subdivisions; 203.14 Builders warranty; 203.16 Certificate and contract regarding use of dwelling for transient or hotel purposes; 203.17(d) Maturity; 203.18 Maximum mortgage amounts; 203.18a Solar-en-ergy system; 203.18b Increased mort-gage amount; 203.18c One-time or up- front MIP excluded from li
44、mitations on maximum mortgage amounts; 203.18d Minimum principal loan amount; 203.19 Mortgagors minimum investment; 203.20 Agreed interest rate; 203.29 Eligi-ble mortgage in Alaska, Guam, Hawaii or the Virgin Islands; 203.32 Mortgage lien; 203.37a Sale of property; 203.42 Rental properties; 203.43 E
45、ligibility of miscellaneous types of mortgages; 203.43a Eligibility of mortgages cov-ering housing in certain neighbor-hoods; 203.43d Eligibility of mortgages in certain communities; 203.43e Eligi-bility of mortgages covering houses in federally impacted areas; 203.43g Eligi-bility of mortgages in c
46、ertain commu-nities; 203.43h Eligibility of mortgages on Indian land insured pursuant to sec-tion 248 of the National Housing Act; 203.43i Eligibility of mortgages on Ha-waiian Home Lands insured pursuant to section 247 of the National Housing Act; 203.43j Eligibility of mortgages on Allegany Reserv
47、ation of Seneca Nation Indians; 203.44 Eligibility of advances; 203.45 Eligibility of graduated payment mortgages; 203.47 Eligibility of growing equity mortgages; 203.49 Eligibility of adjustable rate mortgages; 203.50 Eligi-bility of rehabilitation loans; 203.51 Ap-plicability; and 203.200203.209 I
48、nsured Ten-Year Protection Plans (Plan). (b) For the purposes of this subpart, all references at 24 CFR part 203, sub-part A, to section 203 of the Act shall be construed to refer to section 257 of the Act. Any references at 24 CFR part 203, subpart A, to the Mutual Mort-gage Insurance Fund shall be
49、 deemed to be to the Home Ownership Preserva-tion Entity Fund. (c) If there is any conflict in the ap-plication of any requirement of 24 CFR part 203, subpart A, to this part, the provisions of this part shall control. 257.104 Eligible mortgages. A mortgage eligible to be refinanced under section 257 of the Act must: (a) Have been originated on or before January 1, 2008. (b) Be secured by a property that is: (1) Owned and occupied
