§203.1. Underwriting procedures.
24 C.F.R. § 203.1
The three underwriting procedures for single family mortgages are:
Direct Endorsement. This procedure, which is described in § 203.5, is available for mortgagees that are eligible under § 203.3.
Lender insurance. This procedure, which is described in § 203.6, is available for mortgagees that are eligible for the Direct Endorsement program under § 203.5, and that are also approved according to § 203.4.
Issuing of commitments through HUD offices. Processing through HUD offices as described in § 203.7, with issuance of commitments, is available only for mortgages that are not eligible for Direct Endorsement processing under § 203.5(b) or to the extent required in § 203.3(b)(4), § 203.3(d)(1), or as determined by the Secretary.
Notes, amendments, and revision history
Amendments
[62 FR 30225, June 2, 1997]
Authority
Authority: 12 U.S.C. 1707, 1709, 1710, 1715b, 1715z-16, 1715u, and 1715z-21; 15 U.S.C. 1639c; 42 U.S.C. 3535(d).
Source
Source: 36 FR 24508, Dec. 22, 1971, unless otherwise noted.
Amendments
[62 FR 30225, June 2, 1997]