24 C.F.R. § 203.281

Calculation of one-time MIP

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(a) The applicable premium percentage determined under paragraph (b) of this section assumes, for purposes of calculation, that the entire amount of the one-time MIP is added to the loan amount. The amount of the one-time MIP shall be determined by multiplying the loan amount otherwise insurable under this part by the applicable premium percentage, subject to adjustment for the portion of the MIP, if any, that is not to be included in the insured mortgage.

(b)(1) The Commissioner shall determine the applicable premium percentage in accordance with sound financial and actuarial practice.

(2) Application of the premium percentage determined under paragraph (b)(1) of this section shall not result in a MIP in excess of an amount equivalent to 1 per centum per annum of the amount of the principal obligation of the mortgage outstanding at any time, without taking into account delinquent payments or prepayments.

[48 FR 28806, June 23, 1983, as amended at 61 FR 36265, July 9, 1996]

Notes of Decisions

Cited in 1 case, 1976–1976 · leading case: Metro. Area Hous. All. v. United States Dep't of Hous. & Urban Dev., 69 F.R.D. 633 (N.D. Ill. 1976).

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Metro. Area Hous. All. v. United States Dep't of Hous. & Urban Dev., 69 F.R.D. 633 (N.D. Ill. 1976). “That requirement is set out in 24 C.F.R. § 203.281 : Unless otherwise approved by the Commissioner, the mortgagee shall certify that the property is vacant and does not contain any personal property as of the date of the filing for record of the deed to the Commissioner As…”

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