24 CFR 206.105 - Amount of MIP.

§ 206.105 Amount of MIP.

(a)Initial MIP. The mortgagee shall pay to the Commissioner an initial MIP that does not exceed three percent of the maximum claim amount.

(b)Monthly MIP. The Commissioner may establish and collect a monthly MIP, which will accrue daily from the closing date, at a rate not to exceed 1.50 percent of the remaining insured principal balance, or up to 1.55 percent for any mortgage involving an original principal obligation that is greater than 95 percent of appraised value of the property. A mortgagee may only add the monthly MIP to the loan balance when paid to the Commissioner.

(c)Calculation of the initial MIP. The mortgagee shall calculate the initial MIP based on the amount of funds the borrower has elected to be made available during the First 12-Month Disbursement Period, except that the calculation shall not include any funds set aside in the Servicing Fee Set Aside, if applicable. The initial MIP calculation shall be determined based on the sum of the following amounts:

(1) For adjustable interest rate HECMs, the amount of Mandatory Obligations, the amount disbursed to the borrower at loan closing, and the amount of the available Initial Disbursement Limit not taken by the borrower at loan closing that the borrower selects to remain available during the First 12-Month Disbursement Period.

(2) For fixed interest rate HECMs, the amount of Mandatory Obligations and the amount disbursed to the borrower at loan closing.

(d)Adjustments to initial or monthly MIP. The Commissioner may adjust the amount of any initial or monthly MIP through notice. Such notice shall establish the effective date of any premium adjustment therein.

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
U.S. Code: Title 12 - BANKS AND BANKING

§ 1715b - Rules and regulations

§ 1715z - Homeownership or membership in cooperative association for lower income families

§ 1715z-1 - Rental and cooperative housing for lower income families

§ 1715z-1a - Assistance for troubled multifamily housing projects

12 U.S. Code § 1715z–1b - Tenant participation in multifamily housing projects

12 U.S. Code § 1715z–1c - Regulation of rents in insured projects

12 U.S. Code § 1715z–2 - Repealed. Pub. L. 110–289, div. B, title I, § 2120(a)(6), July 30, 2008, 122 Stat. 2835

12 U.S. Code § 1715z–3 - Special Risk Insurance Fund

12 U.S. Code § 1715z–4 - Modifications in terms of mortgages covering multifamily projects; requests for extensions to cure defaults or for modification of mortgage terms; regulations

12 U.S. Code § 1715z–4a - Double damages remedy for unauthorized use of multifamily housing project assets and income

12 U.S. Code § 1715z–5 - Purchase of fee simple title from lessors

12 U.S. Code § 1715z–6 - Supplemental loans for multifamily projects

12 U.S. Code § 1715z–7 - Mortgage insurance for hospitals

12 U.S. Code § 1715z–8 - Mortgage assistance payments for middle-income families

12 U.S. Code § 1715z–9 - Co-insurance of eligible mortgage, advance, or loan

12 U.S. Code § 1715z–10 - Repealed. Pub. L. 110–289, div. B, title I, § 2120(a)(7), July 30, 2008, 122 Stat. 2835

12 U.S. Code § 1715z–11 - Sale to cooperatives of multifamily housing projects acquired by Secretary; acceptance of purchase money mortgage for sale or insurance of mortgage;...amount of mortgage; expenditures for repairs, etc., prior to sale

12 U.S. Code § 1715z–11a - Disposition of HUD-owned properties

12 U.S. Code § 1715z–12 - Single-family mortgage insurance on Hawaiian home lands

12 U.S. Code § 1715z–13 - Single family mortgage insurance on Indian reservations

12 U.S. Code § 1715z–13a - Loan guarantees for Indian housing

12 U.S. Code § 1715z–13b - Loan guarantees for Native Hawaiian housing

12 U.S. Code § 1715z–14 - Risk-sharing demonstration

12 U.S. Code § 1715z–15 - Limitation on prepayment of mortgages on multifamily rental housing

12 U.S. Code § 1715z–16 - Adjustable rate single family mortgages

12 U.S. Code § 1715z–17 - Shared appreciation mortgages for single family housing

12 U.S. Code § 1715z–18 - Shared appreciation mortgages for multifamily housing

12 U.S. Code § 1715z–19 - Equity skimming penalty

12 U.S. Code § 1715z–20 - Insurance of home equity conversion mortgages for elderly homeowners

12 U.S. Code § 1715z–21 - Delegation of insuring authority to direct endorsement mortgagees

§ 1715b-20

12 U.S. Code § 1715z–22 - Multifamily mortgage credit programs

12 U.S. Code § 1715z–22a - Definitions

12 U.S. Code § 1715z–23 - HOPE for Homeowners Program

12 U.S. Code § 1715z–24 - Pilot program for automated process for borrowers without sufficient credit history

12 U.S. Code § 1715z–25 - Mortgage modification data collecting and reporting

§ 1716 - Declaration of purposes of subchapter

12 U.S. Code §§ 1716–1, 1716a - Repealed. Aug. 2, 1954, ch. 649, title II, § 206, 68 Stat. 622

§ 1716b - Partition of Federal National Mortgage Association into Federal National Mortgage Association and Government National Mortgage Association; assets and liabilities; operations

§ 1717 - Federal National Mortgage Association and Government National Mortgage Association

§ 1717a - Prohibition against sale of obligations by Federal departments and agencies after June 30, 1966, without compliance with requirements of section 1717(c) of...title or without approval by Secretary of the Treasury; exemption

§ 1718 - Capitalization of Federal National Mortgage Association

§ 1719 - Secondary market operations

§ 1720 - Repealed. Pub. L. 98–181, title I [title IV, § 483(a)], Nov. 30, 1983, 97 Stat. 1240


Title 24 published on 09-Jun-2018 03:51

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 24 CFR Part 206 after this date.

  • 2017-01-19; vol. 82 # 12 - Thursday, January 19, 2017
    1. 82 FR 7094 - Federal Housing Administration: Strengthening the Home Equity Conversion Mortgage Program
      GPO FDSys XML | Text
      DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, HUD, Office of the Assistant Secretary for Housing—Federal Housing Commissioner
      Final rule.
      Effective Date: September 19, 2017.
      24 CFR Parts 30 and 206