C.F.R. » Title 24 » CHAPTER II—OFFICE OF ASSISTANT SECRETARY FOR HOUSING—FEDERAL HOUSING COMMISSIONER, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT › SUBCHAPTER B—MORTGAGE AND LOAN INSURANCE PROGRAMS UNDER NATIONAL HOUSING ACT AND OTHER AUTHORITIES › PART 203—SINGLE FAMILY MORTGAGE INSURANCE › Subpart B—Contract Rights and Obligations

24 C.F.R. § 203.283

Refund of one-time MIP

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(a) The Commissioner shall provide for the refund to the mortgagor of a portion of the unearned MIP paid pursuant to § 203.280 if the contract of insurance covering the mortgage is terminated:

(1) By coveyance to one other than the Commissioner and a claim for the insurance benefits is not presented for payment (§ 203.315),

(2) By prepayment of the mortgage (§ 203.316), or

(3) By voluntary agreement with the approval of the Commissioner (§ 203.317).

(b) The Commissioner shall determine the amount of the premium refund by multiplying the amount the premium paid at the time the mortgage was insured by the applicable premium refund percentage for mortgages insured in the year the mortgage was endorsed for insurance. The Commissioner shall determine the applicable premium refund percentage for each year in an equitable manner and in accordance with sound financial and actuarial practice, taking into account: (1) Projected salaries and expenses, (2) prospective losses generated by insurance claims, and (3) expected future payments of premium refunds.

[48 FR 28806, June 23, 1983, as amended at 52 FR 1327, Jan. 13, 1987]
Notes of Decisions
Cited in 2 cases (1 in the last 5 years), 2009–2024 · leading case: Sarmiento v. United States of Am. Dep't of Hous. & Urban Dev. (M.D. Fla. 2024).
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Sarmiento v. United States of Am. Dep't of Hous. & Urban Dev. (M.D. Fla. 2024). · cites it 2× “See 24 C.F.R. §§ 203.283 (a), 220.806, 266.608.”
Kensington Rsch. & Recovery v. United States Dep't of Hous. & Urban Dev., 620 F. Supp. 2d 908 (N.D. Ill. 2009). “The regulations further state that HUD shall not distribute a refund more than six years after it “first transmitted written notification of eligibility to the last known address of the mortgagor....” § 203.”
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