All rights under the insurance contract and all obligations to pay future insurance premiums shall terminate on the following conditions:
(a) Termination by prepayment. Notice of the prepayment in full of the mortgage or loan shall be given to the Commissioner, on a form prescribed by the Commissioner, within 30 days from the date of prepayment. The insurance contract shall terminate, effective as of the date of prepayment. No adjusted premium charge shall be due the Commissioner on account of such termination by prepayment.
(b) Termination by voluntary agreement. Receipt by the Commissioner of a written request, by the mortgagor and mortgagee or lender for termination of the insurance on the mortgage or loan, on a form prescribed by the Commissioner, accompanied by the original credit instrument for cancellation of the insurance endorsement and the remittance of all sums to which the Commissioner is entitled. The termination shall become effective as of the date these requirements are met. No voluntary termination charge shall be due the Commissioner on account of such termination by voluntary agreement.
(c) Upon termination of the mortgage or loan insurance contract by a payment in full or by a voluntary termination, the Commissioner shall refund to the mortgagee or lender for the account of the mortgagor or borrower an amount equal to the pro rata portion of the current annual mortgage insurance premium theretofore paid, which is applicable to the portion of the year subsequent to (1) the date of the prepayment or (2) the effective date of the voluntary termination of the contract of insurance.
(d) Notwithstanding any provision in the mortgage instrument, this section shall apply to all mortgage or loan insurance contracts terminated by either prepayment or voluntary termination where: (1) The mortgage is prepaid in full or (2) the Commissioner receives a request for voluntary termination, on or after May 1, 1972.
[37 FR 8662, Apr. 29, 1972]
Notes of Decisions
Manhattan Sav. Bank v. United States, 214 Ct. Cl. 599 (Ct. Cl. 1977).
· cites it 3× “Plaintiff does not contest the assessment of the premium; it is settled that the Government has the right to the money under 24 C.F.R. § 207.253 (a)(l)(ii). 1 At issue is plaintiffs liability for the assessment.”
Cienega Gardens v. United States, 331 F.3d 1319 (Fed. Cir. 2003).
“24 C.F.R. § 207.253 (a) (1970), provided that "[a]ll rights under the insurance contract and all obligations to pay future insurance premiums shall terminate” on conditions including upon notice to the Commissioner and by way of various forms and timing of payment.”
Shivers v. Landrieu, 674 F.2d 906 (D.C. Cir. 1981).
“See 24 C.F.R. § 207.253 (1980). . A lawsuit involving the same factual allegations as the case at bar was filed in the district court on 11 December 1978.”
Cienega Gardens v. United States, 194 F.3d 1231 (Fed. Cir. 1998).
“See 24 C.F.R. § 207.253 (a)(2)(1970). These disincentives were offset, however, by the fact that after twenty years the Owners would be permitted to repay the mortgages without prior approval of HUD and at the same time be relieved from the government’s rent and profit…”
Barrington Manor Apts. Corp. v. United States, 198 Ct. Cl. 298 (Ct. Cl. 1972).
“] Since plaintiff’s project contained 324 units, the 'guideline requires the expenditure of at least $324,000 in order to make the improvements “major rehabilitation” within the meaning of ' 24 C.F.R. § 207.253 (c) (10) (i). At the very most, plaintiff’s submissions to the…”
Cienega Gardens v. United States, 162 F.3d 1123 (Fed. Cir. 1998).
“See 24 C.F.R. § 207.253 (a)(2)(1970). These disincentives were offset, however, by the fact that after twenty years the Owners would be permitted to repay the mortgages without prior approval of HUD and at the same time be relieved from the government’s rent and profit…”
Cienega Gardens v. United States, 194 F.3d 1231 (Fed. Cir. 1998).
“See 24 C.F.R. 207.253(a)(2)(1970). These disincentives were offset, however, by the fact that after twenty years the Owners would be permitted to repay the mortgages without prior approval of HUD and at the same time be relieved from the government's rent and profit restrictions.”
Barrington Manor Apts. Corp. v. The United States, 392 F.2d 224 (Ct. Cl. 1968).
“Commissioner Maletz’ opinion as modified by the court is as follows: This case involves a regulation of the Federal Housing Administration ( 24 C.F.R. § 207.253 (1966)) which imposes “an adjusted premium * * * charge” of one percent of the original face amount of an FHA-insured…”
— 24 C.F.R. § 207.253(a)(2)(1970) — 1 case
Cienega Gardens v. United States, 194 F.3d 1231 (Fed. Cir. 1998).
“See 24 C.F.R. 207.253(a)(2)(1970). These disincentives were offset, however, by the fact that after twenty years the Owners would be permitted to repay the mortgages without prior approval of HUD and at the same time be relieved from the government's rent and profit restrictions.”
— 24 C.F.R. § 207.253(b) — 1 case
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