24 CFR 207.253 - Termination by prepayment and voluntary termination.

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There is 1 rule appearing in the Federal Register for 24 CFR 207. View below or at eCFR (GPOAccess)
§ 207.253 Termination by prepayment and voluntary termination.
All rights under the insurance contract and all obligations to pay future insurance premiums shall terminate on the following conditions:
(a) Termination by prepayment. Notice of the prepayment in full of the mortgage or loan shall be given to the Commissioner, on a form prescribed by the Commissioner, within 30 days from the date of prepayment. The insurance contract shall terminate, effective as of the date of prepayment. No adjusted premium charge shall be due the Commissioner on account of such termination by prepayment.
(b) Termination by voluntary agreement. Receipt by the Commissioner of a written request, by the mortgagor and mortgagee or lender for termination of the insurance on the mortgage or loan, on a form prescribed by the Commissioner, accompanied by the original credit instrument for cancellation of the insurance endorsement and the remittance of all sums to which the Commissioner is entitled. The termination shall become effective as of the date these requirements are met. No voluntary termination charge shall be due the Commissioner on account of such termination by voluntary agreement.
(c) Upon termination of the mortgage or loan insurance contract by a payment in full or by a voluntary termination, the Commissioner shall refund to the mortgagee or lender for the account of the mortgagor or borrower an amount equal to the pro rata portion of the current annual mortgage insurance premium theretofore paid, which is applicable to the portion of the year subsequent to (1) the date of the prepayment or (2) the effective date of the voluntary termination of the contract of insurance.
(d) Notwithstanding any provision in the mortgage instrument, this section shall apply to all mortgage or loan insurance contracts terminated by either prepayment or voluntary termination where: (1) The mortgage is prepaid in full or (2) the Commissioner receives a request for voluntary termination, on or after May 1, 1972.
[37 FR 8662, Apr. 29, 1972]

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.

  • 2013-04-30; vol. 78 # 83 - Tuesday, April 30, 2013
    1. 78 FR 25184 - Federal Housing Administration (FHA): Section 232 Healthcare Facility Insurance Program—Strengthening Accountability and Regulatory Revisions Update Final Rule Amendment—Revision of Date of Applicability
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      DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, HUD, Office of the Assistant Secretary for Housing, Federal Housing Commissioner
      Final rule amendment.
      Effective date: May 30, 2013.
      24 CFR Parts 5, 200, 207, and 232

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United States Code

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 207 after this date.

  • 2013-07-10; vol. 78 # 132 - Wednesday, July 10, 2013
    1. 78 FR 41339 - Federal Housing Administration (FHA) Multifamily Mortgage Insurance; Capturing Excess Claim Proceeds
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      DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, HUD, Office of the Assistant Secretary for Housing—Federal Housing Commissioner
      Proposed rule.
      Comment Due Date: September 9, 2013.
      24 CFR Part 207