§266.606. Mortgage insurance premium: Duration and method of paying.

24 C.F.R. § 266.606

(a)

Duration of payments. Mortgage insurance premium payments must continue annually until one of the following occurs:

(1)

The mortgage is paid in full;

(2)

A deed to the HFA is filed for record;

(3)

An application for initial claim payment is received by the Commissioner; or

(4)

The contract of insurance is otherwise terminated.

(b)

Method of payment. The HFA shall pay any mortgage insurance premium required by this part in cash.

Notes, amendments, and revision history

[59 FR 62524, Dec. 5, 1994, as amended at 85 FR 83440, Dec. 22, 2020]

Authority: 12 U.S.C. 1715z-22.; 42 U.S.C. 3535(d).

Source: 59 FR 62524, Dec. 5, 1994, unless otherwise noted.

[59 FR 62524, Dec. 5, 1994, as amended at 85 FR 83440, Dec. 22, 2020]