24 CFR 203.251 - Definitions.

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§ 203.251 Definitions.

As used in this subpart, the following terms shall have the meaning indicated:

(a)Commissioner means the Federal Housing Commissioner or his authorized representative.

(b)Act means the

National Housing Act
, as amended.

(c)FHA means the Federal Housing Administration.

(d)Mortgage is defined at § 203.17(a)(1).

(e)Mortgagor means the original borrower under a mortgage and his heirs, executors, administrators and assigns.

(f)Mortgagee means the original lender under a mortgage and its successors and such of its assigns as are approved by the Commissioner.

(g)-(h) [Reserved]

(i)Insured mortgage means a mortgage which has been insured as evidenced by the issuance of a Mortgage Insurance Certificate or by the endorsement of the credit instrument for insurance by the Commissioner.

(j)Contract of Insurance means the agreement evidenced by the issuance of a Mortgage Insurance Certificate or by the endorsement of the Commissioner upon the credit instrument given in connection with an insured mortgage, incorporating by reference the regulations in this subpart and the applicable provisions of the Act.

(k)MIP means the mortgage insurance premium paid by the mortgagee to the Commissioner in consideration of the contract of insurance.

(l)-(m) [Reserved]

(n)Open-end advance means an insured advance made by an approved mortgagee in connection with a previously insured mortgage, pursuant to an open-end provision in the mortgage.

(o)Open-end insurance charge means the charge paid by the mortgagee to the Commissioner in consideration of the insurance of an open-end advance.

(p)Beginning of amortization means the date one month prior to the date of the first monthly payment to principal and interest.

(q)Maturity means the date on which the mortgage indebtedness would be extinguished if paid in accordance with periodic payments provided for in the mortgage.

(r)Debentures means registered, transferable securities in certificated or book entry form which are valid and binding obligations, issued in the name of the Mutual Mortgage Insurance Fund in accordance with the provisions of this part; such debentures are the primary liability of the Mutual Mortgage Insurance Fund and are unconditionally guaranteed as to principal and interest by the United States.

(s)State includes the several States, Puerto

, the District of Columbia, Guam, the Commonwealth of the Northern Mariana Islands, American Samoa, and the Virgin Islands.

(t)TOTAL is an acronym that stands for “Technology Open to Approved Lenders.” TOTAL is a mortgage scorecard based on a mathematical equation that is to be used within an automated underwriting system (AUS). TOTAL is a tool to assist the mortgagee in managing its workflow and expediting the endorsement process, and is not a substitute for the mortgagee's reasonable consideration of risk and credit worthiness. Direct Endorsement mortgagees using TOTAL remain solely responsible for the underwriting decision.

[ 36 FR 24508, Dec. 22, 1971, as amended at 37 FR 8661, Apr. 29, 1972; 41 FR 49734, Nov. 10, 1976; 49 FR 12697, Mar. 30, 1984; 53 FR 34282, Sept. 6, 1988; 59 FR 49815, Sept. 30, 1994; 61 FR 36265, July 9, 1996; 68 FR 65826, Nov. 21, 2003]

This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.

This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].

It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.

United States Code

Title 24 published on 17-Aug-2018 03:29

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 24 CFR Part 203 after this date.

  • 2016-09-28; vol. 81 # 188 - Wednesday, September 28, 2016
    1. 81 FR 66565 - Project Approval for Single-Family Condominiums
      GPO FDSys XML | Text
      DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, HUD, Office of the Assistant Secretary for Housing—Federal Housing Commissioner
      Proposed rule.
      Comment due date: November 28, 2016.
      24 CFR Parts 203 and 234