24 CFR 1007.50 - Certificate of guarantee.

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There is 1 rule appearing in the Federal Register for 24 CFR 1007. View below or at eCFR (GPOAccess)
§ 1007.50 Certificate of guarantee.
(a) Approval process—
(1) In general. Before HUD approves any loan for guarantee under this section, the lender shall submit the application for the loan to HUD for examination.
(2) Approval. If HUD approves the application submitted under paragraph (a)(1) of this section, HUD will issue a certificate as evidence of the loan guarantee approved.
(b) Standard for approval. HUD may approve a loan for guarantee under this part and issue a certificate under this section only if HUD determines that there is a reasonable prospect of repayment of the loan.
(c) Effect—
(1) As evidence. A certificate of guarantee issued under this part by HUD shall be conclusive and incontestable evidence in the hands of the bearer of the eligibility of the loan for guarantee under this part and the amount of that guarantee.
(2) Full faith and credit. The full faith and credit of the United States is pledged to the payment of all amounts agreed to be paid by HUD as security for the obligations made by HUD under this section.
(d) Fraud and misrepresentation. This section may not be construed:
(1) To preclude HUD from establishing defenses against the original lender based on fraud or material misrepresentation; or
(2) To bar HUD from establishing regulations that are (on the date of issuance or disbursement, whichever is earlier) partial defenses to the amount payable on the guarantee.

Title 24 published on 2013-04-01

The following are only the Rules published in the Federal Register after the published date of Title 24.

For a complete list of all Rules, Proposed Rules, and Notices view the Rulemaking tab.

  • 2013-12-11; vol. 78 # 238 - Wednesday, December 11, 2013
    1. 78 FR 75215 - Qualified Mortgage Definition for HUD Insured and Guaranteed Single Family Mortgages
      GPO FDSys XML | Text
      DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, HUD, Office of Secretary
      Final rule.
      Effective Date: January 10, 2014.
      24 CFR Parts 201, 203, 1005, and 1007

Title 24 published on 2013-04-01

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 24 CFR 1007 after this date.

  • 2013-12-11; vol. 78 # 238 - Wednesday, December 11, 2013
    1. 78 FR 75215 - Qualified Mortgage Definition for HUD Insured and Guaranteed Single Family Mortgages
      GPO FDSys XML | Text
      DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, HUD, Office of Secretary
      Final rule.
      Effective Date: January 10, 2014.
      24 CFR Parts 201, 203, 1005, and 1007