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Notes

24 C.F.R. §§ 203.474–203.478

4 sections in range

§203.474. Maximum claim period.

24 C.F.R. § 203.474

A claim for insurance benefits on a loan secured by other than a first mortgage shall be filed within one year from the date of default, or within such additional period of time as may be approved by the Commissioner.
Notes, amendments, and revision history

Amendments

[49 FR 21319, May 21, 1984]

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

[49 FR 21319, May 21, 1984]

§203.476. Claim application and items to be filed.

24 C.F.R. § 203.476

The claim for reimbursement on a loan secured by other than a first mortgage shall be made upon an application form prescribed by the Commissioner. The application shall be accompanied by:
(a)
The fiscal data pertaining to the loan transaction as required by the fiscal data form;
(b)
Receipts covering all disbursements as required by the fiscal data form;
(c)
The original note and the security held, assigned to the Commissioner without recourse of warranty, except that no act or omission of the lender shall have impaired the validity and priority of such security;
(d)
Any hazard insurance policies held on property serving as security for the loan, together with a copy of the lender's notification to the carrier authorizing the amendment of the loss payable clause substituting the Commissioner as the holder of the security;
(e)
The assignment to the Commissioner of all rights and interests arising under the loan, and all claims of the lender against the borrower or others arising out of the loan transaction;
(f)
Any title evidence held by the lender;
(g)
All property of the borrower held by the lender or to which it is entitled and, if the Commissioner elects to make payments in debentures, all cash held by the lender or to which it is entitled, including deposits made for the account of the borrower and which have not been applied in reduction of the principal loan indebtedness;
(h)
All records, ledger cards, documents, books, papers and accounts relating to the loan transaction;
(i)
Any additional information or data which the Commissioner may require.
Notes, amendments, and revision history

Amendments

[36 FR 24508, Dec. 22, 1971, as amended at 49 FR 21319, May 21, 1984; 80 FR 51468, Aug. 25, 2015]

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

[36 FR 24508, Dec. 22, 1971, as amended at 49 FR 21319, May 21, 1984; 80 FR 51468, Aug. 25, 2015]

§203.477. Certificate by lender when loan assigned.

24 C.F.R. § 203.477

At the time of the assignment of the loan, the lender shall certify to the Commissioner that:
(a)
The amount stated in the instrument of assignment is actually due and owing on the loan;
(b)
There are no offsets of counterclaims thereto, and the financial institution has a good right to assign.
(c)
The mortgage transaction did not involve a first mortgage and the mortgage is prior to all mechanics' and materialmen's liens filed of record, regardless of when such liens attach, and prior to all liens and encumbrances other than a first mortgage, or defects which may arise except such liens or other matters as may have been approved by the Commissioner.
Notes, amendments, and revision history

Amendments

[36 FR 34508, Dec. 22, 1971, as amended at 45 FR 33967, May 21, 1980; 49 FR 21320, May 21, 1984]

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

[36 FR 34508, Dec. 22, 1971, as amended at 45 FR 33967, May 21, 1980; 49 FR 21320, May 21, 1984]

§203.478. Payment of insurance benefits.

24 C.F.R. § 203.478

(a)
Claim computation, items included. Upon acceptable assignment of the note and security instruments, the Commissioner shall pay the lender an amount equal to the unpaid principal balance of the loan, plus:
(1)
Any accrued interest due as of the date of execution of the assignment of the loan to the Commissioner.
(2)
Any advances made previously under the provisions of the loan instrument and approved by the Commissioner.
(3)
Reimbursement for such reasonable collection costs, court costs and attorney's fees as may be approved by the Commissioner.
(4)
Reimbursement for premiums paid on any hazard insurance policies held on the property.
(5)
(i)
If payment is made in cash on a mortgage endorsed for insurance on or before January 23, 2004, an amount equivalent to the debenture interest that would have been earned, as of the date insurance settlement occurs, except that where the lender fails to meet any one of the requirements of §§ 203.476 and 203.477 and such failure continues for more than 30 days (or such further time as the Commissioner may approve in writing), the debenture interest shall be computed for 30 days or the extended period;
(ii)
If payment is made in cash on a mortgage endorsed for insurance after January 23, 2004, debenture interest at the rate specified in § 203.479 from the date specified in § 203.486 to the date insurance settlement occurs, except that where the lender fails to meet any one of the requirements of §§ 203.476 and 203.477 and such failure continues for more than 30 days (or such further time as the Commissioner may approve in writing), the debenture interest shall be computed for 30 days or the extended period.
(b)
Claim computation, items deducted. If the lender is to receive cash, there shall be deducted from the total of the added items in paragraph (a) of this section any cash held by the lender or to which it is entitled including deposits made for the account of the borrower and which have not been applied in reduction of the principal loan indebtedness.
(c)
Method of payment. Payment of an insurance claim shall be made in cash, in debentures, or in a combination of both, as determined by the Commissioner either at, or prior to, the time of payment.
(d)
Special provision—payment in debentures. All of the provisions of §§ 203.479 through 203.487 of this subpart shall be applicable in connection with the payment in debentures of insurance benefits under this subpart.
Notes, amendments, and revision history

Amendments

[36 FR 24508, Dec. 22, 1971, as amended at 71 FR 35994, June 22, 2006; 80 FR 51468, Aug. 25, 2015]

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

[36 FR 24508, Dec. 22, 1971, as amended at 71 FR 35994, June 22, 2006; 80 FR 51468, Aug. 25, 2015]