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 A—Eligibility Requirements and Underwriting Procedures
For single family mortgage programs that are not eligible for Direct Endorsement processing under § 203.5, or for Lender Insurance processing under § 203.6, the mortgagee must submit an application for mortgage insurance in a form prescribed by the Secretary prior to making the mortgage loan. If:
(a) A mortgage for a specified property has been accepted for insurance through issuance of a conditional commitment by the Secretary or a certificate of reasonable value by the Department of Veterans Affairs, and
(b) A specified mortgagor and all other proposed terms and conditions of the mortgage meet the eligibility requirements for insurance as determined by the Secretary, the Secretary shall approve the application for insurance by issuing a firm commitment setting forth the terms and conditions of insurance.
[57 FR 58346, Dec. 9, 1992; 58 FR 13537, Mar. 12, 1993, as amended at 62 FR 30226, June 2, 1997]
Notes of Decisions
La Throp v. Bell Fed. Sav. & Loan Ass'n, 370 N.E.2d 188 (Ill. 1977).
· cites it 4× “) The only other FHA regulations which are asserted to support the intention or legal obligation of the creation, under the mortgage, of a trust for the advance funds is found in 24 C.F.R. section 203.7, which provides in pertinent part: "(a) Approval of a mortgagee may be…”
Harry Gibson v. First Fed. Sav. & Loan Ass'n of Detroit, 504 F.2d 826 (1st Cir. 1974).
· cites it 2× “FHA Regulation 24 CFR § 203.7 (a)(3) merely provides that FHA may withdraw approval of any lending institution which uses escrow funds for any purpose other than that for which they were received.”
Gibson v. First Fed. Sav. & Loan Ass'n, 364 F. Supp. 614 (E.D. Mich. 1973).
· cites it 3× “regulation 24 C.F.R. § 203.7 (a), which provides : “Approval of a mortgage may be withdrawn at any time by notice from the Commissioner, by reason of “(2) The failure of a nonsupervised mortgagee to segregate all escrow funds received from the mortgagors on account of ground…”
Roberts v. Cameron-Brown Co., 410 F. Supp. 988 (S.D. Ga. 1975).
“24 C.F.R. § 203.7 . In fact, the mortgagee’s operations and duties are almost completely defined by HUD.”
— 24 C.F.R. § 203.7(a) — 1 case
La Throp v. Bell Fed. Sav. & Loan Ass'n, 370 N.E.2d 188 (Ill. 1977).
“) The only other FHA regulations which are asserted to support the intention or legal obligation of the creation, under the mortgage, of a trust for the advance funds is found in 24 C.F.R. section 203.7, which provides in pertinent part: "(a) Approval of a mortgagee may be…”
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