§242.30. Application of payments.
24 C.F.R. § 242.30
All payments to be made by the mortgagor to the mortgagee shall be added together and the aggregate amount thereof shall be paid by the mortgagor each month in a single payment. The mortgagee shall apply each payment received to the following items in the following order:
Premium charges under the contract of mortgage insurance;
Ground rents, taxes, special assessments, and fire and other hazard insurance premiums;
Interest on the mortgage; and
Amortization of the principal of the mortgage.
Notes, amendments, and revision history
Authority
Authority: 12 U.S.C. 1709, 1710, 1715b, 1715n(f), and 1715u; 42 U.S.C. 3535(d).
Source
Source: 72 FR 67546, Nov. 28, 2007, unless otherwise noted.