24 CFR 251.3 - Case-by-case conversion to full insurance.
Upon the request of a coinsuring lender, the Commissioner may endorse a coinsured Mortgage for full insurance, effective as of the date of such endorsement, if the Commissioner is satisfied that:
(b) The lender has made reasonable efforts to work out any Mortgage default consistent under 24 CFR 251.811 (1990), but the remedies available to the lender have not been adequate to reinstate the Mortgage;
(c) The conversion would be less costly to HUD than if the Mortgage remained coinsured;
(d) The lender has paid HUD the fee set forth through Federal Register notice; and