24 CFR 266.606 - Mortgage insurance premium: Duration and method of paying.

Regulations last checked for updates: Oct 17, 2024

Title 24 - Housing and Urban Development last revised: Sep 16, 2024

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

(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.

[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.

cite as: 24 CFR 266.606