24 CFR 203.351 - Application for insurance benefits and fiscal data.
On the date the assignment of the mortgage is filed for record, the mortgagee shall forward to the Commissioner the prescribed application for insurance benefits and fiscal data pertaining to the mortgage transaction, together with the receipts covering all disbursements, as required by the fiscal data form. In addition, the following requirements shall be met:
(a)Items to be included with application. The following items shall be forwarded to the Commissioner with the application:
(1)Credit and security instrument. The original credit and security instruments assigned without recourse or warranty, except that no act or omission of the mortgagee shall have impaired the validity and priority of the mortgage.
(2)Recorded assignment instrument. The original of the recorded assignment of mortgage. If the original of the assignment is not available, a copy shall be furnished and the original forwarded as soon as possible.
(3)Hazard insurance. All hazard insurance policies held in connection with the mortgaged property, together with a copy of the mortgagee's notification to the carrier authorizing the amendment of the loss payable clause substituting the Commissioner as the mortgagee.
(6)Records and accounts. All records, ledger cards, documents, books, papers and accounts relating to the mortgage transaction.
(7)Additional information. Any additional information or data which the Commissioner may require.
(8)Title evidence. All title evidence held by the mortgagee. It need not be extended to include the recordation of the assignment. If a mortgagee's title policy is furnished, the Commissioner shall be a named insured under such policy.
(b)Items to be retained by mortgagee. The mortgagee shall retain all cash amounts held or deposited for the account of the mortgagor or to which it is entitled under the mortgage transaction that have not been applied in reduction of the principal mortgage indebtedness.
Title 24 published on 04-Apr-2017 04:06
The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 24 CFR Part 203 after this date.
- 24 CFR 206.127 — Application for Insurance Benefits.
- 24 CFR 203.404 — Amount of Payment - Assigned Mortgages.
- 24 CFR 203.439a — Mortgages on Property in Allegany Reservation of Seneca Nation of Indians Authorized by Section 203(q) of the National Housing Act.
- 24 CFR 203.439 — Mortgages on Hawaiian Home Lands Insured Pursuant to Section 247 of the National Housing Act.