(a) Mortgage form. (1) The term “mortgage” as used in this part, except § 203.43c, shall have the meaning given in Section 201 of the National Housing Act, as amended (12 U.S.C. 1707).
(2)(i) The mortgage shall be in a form meeting the requirements of the Commissioner. The Commissioner may prescribe complete mortgage instruments. For each case in which the Commissioner does not prescribe complete mortgage instruments, the Commissioner
(A) Shall require specific language in the mortgage which shall be uniform for every mortgage, and
(B) May also prescribe the language or substance of additional provisions for all mortgages as well as the language or substance of additional provisions for use only in particular jurisdictions or for particular programs.
(ii) Each mortgage shall also contain any provisions necessary to create a valid and enforceable secured debt under the laws of the jurisdiction in which the property is located.
(b) Mortgage multiples. A mortgage shall involve a principal obligation in a multiple of $1.
(c) Payments. The mortgage shall:
(1) Come due on the first of the month.
(2) Contain complete amortization provisions satisfactory to the Secretary and an amortization period not in excess of the term of the mortgage.
(3) Provide for payments to principal and interest to begin not later than the first day of the month following 60 days from the date the mortgage is executed (or the date a construction mortgage is converted to a permanent mortgage, if applicable).
(d) Maturity. The mortgage shall have a term of not more than 30 years from the date of the beginning of amortization.
(e) Property Standards. The mortgage must be a first lien upon the property that conforms with property standards prescribed by the Commissioner.
(f) Disbursement. The entire principal amount of the mortgage must have been disbursed to the mortgagor or to his or her creditors for his or her account and with his or her consent.
[36 FR 24508, Dec. 22, 1971, as amended at 45 FR 29278, May 2, 1980; 48 FR 28804, June 23, 1983; 49 FR 21319, May 21, 1984; 53 FR 34281, Sept. 6, 1988; 54 FR 39525, Sept. 27, 1989; 57 FR 58347, Dec. 9, 1992; 61 FR 36263, July 9, 1996; 84 FR 41875, Aug. 15, 2019]
Notes of Decisions
Vivian Warren v. Gov't Nat'l Mortg. Ass'n, 611 F.2d 1229 (8th Cir. 1980).
· cites it 5× “Plaintiff’s major contention in this regard is that, all these considerations notwithstanding, federal government action is implicated in this case because the deed of trust form was specifically approved by HUD regulations, 24 CFR § 203.17 , and therefore GNMA’s foreclosure…”
Kolbe v. BAC Home Loans Servicing, LP, 695 F.3d 129 (1st Cir. 2012).
“18, 2012); see also 24 C.F.R. § 203.17 (a)(2)(i) (stating that FHA mortgages "shall be in a form meeting the requirements of the [Federal Housing] Commissioner").”
Pfeifer v. Countrywide Home Loans, Inc., 211 Cal. App. 4th 1250 (Cal. Ct. App. 2012).
“) The court reasoned that these regulations were enforceable by borrowers as conditions precedent to acceleration and foreclosure because HUD ( 24 C.F.R. § 203.17 (a) (2012)) requires the language in paragraph 9 to be incorporated into FHA deeds of trust.”
Mathews v. PHH Mortg. Corp., 724 S.E.2d 196 (Va. 2012).
“24 C.F.R § 203.17(a). Doing so makes its regulations enforceable by borrowers as conditions precedent to acceleration and foreclosure as through a state-law action for breach of contract.”
Degutis v. Fin. Freedom, LLC, 978 F. Supp. 2d 1243 (M.D. Fla. 2013).
“See 24 C.F.R. § 203.17 (2012); “Requirements for Single Family Mortgage Instruments,” 57 Fed.”
Bjustrom v. Trust One Mortg., 178 F. Supp. 2d 1183 (W.D. Wash. 2001).
“, 24 C.F.R. § 203.17 — 203.25 (2001). Plaintiffs find the 1% cap in their reading of the HUD rule regarding single family mortgage insurance currently codified as 24 C.”
Kolbe v. BAC Home Loans Servicing, LP, 695 F.3d 111 (1st Cir. 2012).
“18, 2012); see also 24 C.F.R. § 203.17 (a)(2)® (stating that FHA mortgages “shall be in a form meeting the requirements of the [Federal Housing] Commissioner”).”
Madsen v. Prudential Fed. Sav. & Loan Ass'n, 635 F.2d 797 (10th Cir. 1980).
“We note Intervenor’s argument that this case arises under federal law because the mortgage form must be approved by the regulatory agency, see 24 C.F.R. § 203.17 , and because the mortgage must provide for monthly escrow payments for taxes and insurance, see 24 C.”
Cason v. United States, 381 F. Supp. 1362 (W.D. Mo. 1974).
“§ 1709 (b)(3) (1970) ; 24 C.F.R. §§ 203.17 , 203.20 (1973). 6 . 12 U.”
Swain v. Wells Fargo Bank, N.A., 54 F. Supp. 3d 850 (N.D. Ohio 2014).
“24 C.F.R. § 203.17 (a)(2)(i)(A). Twenty-five years ago, the Department of Housing and Urban Development (“HUD”), acting through the notice-and-comment process, authored the disputed text.”
— 24 C.F.R. § 203.17(a) — 1 case
Mathews v. PHH Mortg. Corp., 724 S.E.2d 196 (Va. 2012).
“24 C.F.R § 203.17(a). Doing so makes its regulations enforceable by borrowers as conditions precedent to acceleration and foreclosure as through a state-law action for breach of contract.”
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