§ 266.604 Mortgage insurance premium: Other requirements.
(a)Premium calculations on or after first principal payment. The premiums payable to the Commissioner on and after the first principal payment shall be calculated in accordance with the amortization schedule prepared by the HFA for final closing and the prescribed percentage as set forth in the sliding scale chart in paragraph (b) of this section without taking into account delinquent payments or prepayments.
(b)Prescribed percentages. The following sliding scale chart provides the prescribed percentage, based upon the respective share of risk, that is to be used in calculating mortgageinsurance premiums under this section:
Percentage share of risk
Prescribed percentage for calculating HFA's annual MIP
(d)Due date for premium payments.Mortgageinsurance premiums are due on the first day of the month of the anniversary of the first payment to principal. Any premium received by the Commissioner more than 15 days after the due date shall be assessed a late charge of 4 percent of the amount of the premium payment due. Mortgageinsurance premiums that are paid to the Commissioner more than 30 days after the due date shall begin to accrue interest at the rate prescribed by the Treasury Fiscal Requirements Manual.
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.