24 C.F.R. § 203.9
Disclosure regarding interest due upon mortgage prepayment
Each mortgagee with respect to a mortgage under this part shall at or before closing with respect to any such mortgage, provide the mortgagor with written notice in a form prescribed by the Commissioner describing any requirements the mortgagor must fulfill upon prepayment of the principal amount of the mortgage to prevent the accrual of any interest on the principal amount after the date of such prepayment. This paragraph shall apply to any mortgage executed after August 22, 1991, and before January 21, 2015.
Notes of Decisions
Cited in 7
cases, 1974–1977 · leading case: United States v. Harry Bernstein, 533 F.2d 775 (2d Cir. 1976).
United States v. Harry Bernstein, 533 F.2d 775 (2d Cir. 1976). “There is nothing in any of these provisions which places upon the mortgagee the duty of exercising credit judgment. We reach far afield when we find such a duty in the requirement that approved mortgagees must “service insured loans”.”
Eva Mae Roberts, on Behalf of Herself & All Others Similarly Situated v. Cameron-Brown Co. & Fed. Nat'l Mortg. Ass'n, 556 F.2d 356 (5th Cir. 1977). “The court also stated that although the HUD Handbook itself does not have the force and effect of law, it controls the servicing practice of private mortgagees because it is a valid administrative interpretation of a HUD regulation ( 24 C.F.R. § 203.9 ). Id. at 496-97 . Thus,…”
Brown v. Lynn, 385 F. Supp. 986 (N.D. Ill. 1974). “In support of this proposition, the plaintiffs point to 24 C.F.R. § 203.9 which requires mortgagees to adopt “Acceptable mortgage practices of prudent lending institutions.”
Fed. Nat'l Mortg. Ass'n v. Ricks, 83 Misc. 2d 814 (N.Y. Sup. Ct. 1975). “” This requirement of servicing is also contained in the HUD regulations (24 CFR 203.9). The nature of the servicing is detailed in the HUD Handbook (supra).”
Roberts v. Cameron Brown Co., 72 F.R.D. 483 (S.D. Ga. 1975). “Instead, HUD requires the mortgagee to follow the practices of a ‘prudent lending institution’ ( 24 C.F.R. § 203.9 ), which the mortgagee interprets as obliging it to refer the matter as quickly as possible to its attorneys so that collection procedures can be instituted.”
Joaquin Encarnacion Hernandez v. Prudential Mortg. Corp., 553 F.2d 241 (1st Cir. 1977). “, 24 C.F.R. § 203.9 . But neither the statute nor the regulations establish procedural prerequisites to foreclosure.”
Gov't Nat'l Mortg. Ass'n v. Screen, 85 Misc. 2d 86 (N.Y. Sup. Ct. 1976). “It deals with the qualifications and responsibilities of mortgagees and requires them to adopt the practices of a prudent lending institution when servicing mortgages under these programs.”
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