HUD 24 CFR PART 206-2011 HOME EQUITY CONVERSION MORTGAGE INSURANCE《房屋净值兑换按揭保险》.pdf

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1、252 24 CFR Ch. II (4111 Edition) 203.680 (b) HUD will notify the occupant to vacate the property and, if necessary, will take appropriate eviction action in any of the following situations: (1) Failure of the occupant to execute the lease required by 203.674 (a)(2) and (b)(2), or failure to pay the

2、rental amount required, including the initial payment at the time of execution of the lease, or to comply with the terms of the lease; (2) Failure of the occupant to allow access to the property upon request in accordance with 203.674 (a)(4) and (b)(5); (3) Necessity to prepare the property for sale

3、; or (4) Assignment of the property by the Secretary to a different use or pro-gram. 53 FR 876, Jan. 14, 1988, and 53 FR 8626, Mar. 16, 1988; 61 FR 36266, July 9, 1996 203.680 Approval of occupancy after conveyance. When an occupied property is con-veyed to HUD before HUD has had an opportunity to c

4、onsider continued oc-cupancy (e.g., where HUD has taken more than 90 days to make a final deci-sion on continued occupancy in accord-ance with 203.670(c), a determination regarding continued occupancy will be made in accordance with the condi-tions for the initial approval of occu-pied conveyance. A

5、ny such determina-tion shall be in accordance with HUDs obligations under the terms of any month-to-month lease that has been executed. 53 FR 876, Jan. 14, 1988, and 53 FR 8626, Mar. 16, 1988 203.681 Authority of HUD Field Of-fice Managers. Field Office Managers shall act for the Secretary in all ma

6、tters relating to assignment and occupied conveyance determinations. The decision of the Field Office Manager under 203.677 will be final and not be subject to fur-ther administrative review. 53 FR 876, Jan. 14, 1988, and 53 FR 8626, Mar. 16, 1988 PART 204COINSURANCE AUTHORITY: 12 U.S.C. 1715z9; 42

7、U.S.C. 3535(d). 204.1 Termination of program. Effective December 29, 1994, of final rule the authority to coinsure mort-gages under this part is terminated, ex-cept that the Department will honor legally binding and validly issued bor-rower approvals issued by lenders be-fore the termination date. T

8、his part 204, as it existed immediately before the termination date, will continue to govern the rights and obligations of co-insured lenders, mortgagors, and the Department of Housing and Urban De-velopment with respect to loans coin-sured under this part. 59 FR 39957, Aug. 5, 1994 PART 206HOME EQU

9、ITY CON-VERSION MORTGAGE INSUR-ANCE Subpart AGeneral Sec. 206.1 Purpose. 206.3 Definitions. 206.7 Effect of amendments. 206.8 Preemption. Subpart BEligibility; Endorsement 206.9 Eligible mortgagees. 206.13 Reserved 206.15 Insurance. ELIGIBLE MORTGAGES 206.17 General. 206.19 Payment options. 206.21 I

10、nterest rate. 206.23 Shared appreciation. 206.25 Calculation of payments. 206.26 Change in payment option. 206.27 Mortgage provisions. 206.29 Initial disbursement of mortgage pro-ceeds. 206.31 Allowable charges and fees. 206.32 No outstanding unpaid obligations. ELIGIBLE MORTGAGORS 206.33 Age of mor

11、tgagor. 206.35 Title held by mortgagor. 206.37 Credit standing. 206.39 Principal residence. 206.40 Disclosure and verification of Social Security and Employer Identification Numbers. 206.41 Counseling. VerDate Mar2010 10:21 May 10, 2011 Jkt 223078 PO 00000 Frm 00262 Fmt 8010 Sfmt 8010 Y:SGML223078.X

12、XX 223078WReier-Aviles on DSKGBLS3C1PROD with CFRProvided by IHSNot for ResaleNo reproduction or networking permitted without license from IHS-,-,-253 Office of Assistant Secretary for Housing, HUD 206.3 206.43 Information to mortgagor. ELIGIBLE PROPERTIES 206.45 Eligible properties. 206.47 Property

13、 standards; repair work. 206.51 Eligibility of mortgages involving a dwelling unit in a condominium. REFINANCING OF EXISTING HOME EQUITY CONVERSION MORTGAGES 206.53 Refinancings. Subpart CContract Rights and Obligations SALE, ASSIGNMENT AND PLEDGE 206.101 Sale, assignment and pledge of in-sured mort

14、gages. 206.102 General Insurance Fund. MORTGAGE INSURANCE PREMIUMS 206.103 Payment of MIP. 206.105 Amount of MIP. 206.107 Mortgagee election of assignment or shared premium option. 206.109 Amount of mortgagee share of pre-mium. 206.111 Due date of MIP. 206.113 Late charge and interest. 206.115 Reser

15、ved 206.116 Refunds. HUD RESPONSIBILITY TO MORTGAGORS 206.117 General. 206.119 Reserved 206.121 Secretary authorized to make pay-ments. CLAIM PROCEDURE 206.123 Claim procedures in general. 206.125 Acquisition and sale of the property. 206.127 Application for insurance benefits. 206.129 Payment of cl

16、aim. CONDOMINIUMS 206.131 Contract rights and obligations for mortgages on individual dwelling units in a condominium. TERMINATION OF INSURANCE CONTRACT 206.133 Termination of insurance contract. Subpart DServicing Responsibilities 206.201 Mortgage servicing generally; sanc-tions. 206.203 Providing

17、information. 206.205 Property charges. 206.207 Allowable charges and fees after en-dorsement. 206.209 Prepayment. 206.211 Annual determination of principal residence. Subpart EHECM Counselor Roster 206.300 General. 206.302 Establishment of the HECM Coun-selor Roster. 206.304 Eligibility for placemen

18、t on the HECM Counselor Roster. 206.306 Removal from the HECM Counselor Roster. 206.308 Continuing education requirements of counselors listed on the HECM Coun-selor Roster. AUTHORITY: 12 U.S.C. 1715b, 1715z1720; 42 U.S.C. 3535(d). SOURCE: 54 FR 24833, June 9, 1989, unless otherwise noted. Subpart A

19、General 206.1 Purpose. The purposes of the Home Equity Conversion Mortgage Insurance pro-gram are set out in section 255(a) of the National Housing Act, Public Law 73 479, 48 STAT. 1246 (12 U.S.C. 1715z20) (NHA). 61 FR 49032, Sept. 17, 1996 206.3 Definitions. As used in this part, the following term

20、s shall have the meaning indi-cated. Contract of insurance. (See 24 CFR 203.251(j). Day means calendar day, except where the term business day is used. Estate planning service firm means an individual or entity that is not a mort-gagee approved under part 202 of this chapter or a housing counseling

21、agency approved under 206.41 and that charges a fee that is: (1) Contingent on the homeowner ob-taining a mortgage loan under this part, except the origination fee author-ized by 206.31 or a fee specifically au-thorized by the Secretary; or (2) For information that homeowners must receive under 206.

22、41, except a fee by: (i) A housing counseling agency ap-proved under 206.41; or (ii) An individual or company, such as an attorney or accountant, in the bona fide business of generally pro-viding tax or other legal or financial advice; or (3) For other services that the pro-vider of the services rep

23、resents are, in VerDate Mar2010 10:21 May 10, 2011 Jkt 223078 PO 00000 Frm 00263 Fmt 8010 Sfmt 8010 Y:SGML223078.XXX 223078WReier-Aviles on DSKGBLS3C1PROD with CFRProvided by IHSNot for ResaleNo reproduction or networking permitted without license from IHS-,-,-254 24 CFR Ch. II (4111 Edition) 206.3

24、whole or in part, for the purpose of im-proving an elderly homeowners access to mortgages covered by this part, ex-cept where the fee is for services spe-cifically authorized by the Secretary. Expected average mortgage interest rate means the interest rate used to cal-culate the principal limit and

25、the fu-ture payments to the mortgagor and is established based on the date on which the initial loan application is signed by the borrower. For fixed rate HECMs, it is the fixed mortgage interest rate. For adjustable rate HECMs, it is either the sum of the mortgagees margin plus the weekly average y

26、ield for U.S. Treasury securities adjusted to a con-stant maturity of 10 years, or it is the sum of the mortgagees margin plus the 10-year LIBOR swap rate, depend-ing on which interest rate index is cho-sen by the mortgagor. The margin is determined by the mortgagee and is de-fined as the amount tha

27、t is added to the index value to compute the mort-gage interest rate. The index type (i.e., CMT or LIBOR) used to calculate the expected average mortgage interest rate must be the same index type used to calculate mortgage interest rate ad-justmentscommingling of index types is not allowed (e.g., it

28、 is not permis-sible to use the 10-year CMT to deter-mine the expected average mortgage interest rate and use the one-year LIBOR index to adjust the interest rate). The mortgagees margin is the same margin used to determine the periodic adjustments to the interest rate. Home Equity Conversion Mortga

29、ge (HECM) counselor means an individual who provides statutorily required counseling to clients who may be eligi-ble for or interested in obtaining an FHA-insured HECM. This counseling assists elderly homeowners who seek to convert equity in their homes into in-come that can be used to pay for home

30、improvements, medical costs, living expenses, or other expenses. Insured mortgage means a mortgage which has been insured as evidenced by the issuance of a mortgage insurance certificate. LIBOR means the London Interbank Offered Rate. Maximum claim amount means the lesser of the appraised value of t

31、he property, as determined by the ap-praisal used in underwriting the loan, or the maximum dollar amount for an area established by the Secretary for a one-family residence under section 203(b)(2) of the National Housing Act (as adjusted where applicable under section 214 of the National Housing Act

32、) as of the date of loan closing. Closing costs must not be taken into account in determining appraised value. MIP. (See 24 CFR 203.251(k). Mortgage means a first lien on real estate under the laws of the jurisdic-tion where the real estate is located. If the dwelling unit is in a condominium, the t

33、erm mortgage means a first lien covering a fee interest or eligible lease-hold interest in a one-family unit in a condominium project, together with an undivided interest in the common areas and facilities serving the project, and such restricted common areas and facilities as may be designated. The

34、 term refers to a security instrument creating a lien, whether called a mort-gage, deed of trust, security deed, or an-other term used in a particular juris-diction. The term mortgage also in-cludes the credit instrument, or note, secured by the lien, and the loan agree-ment between the mortgagor, t

35、he mortgagee and the Secretary. Mortgagee. (See section 255(b)(2) of NHA). Mortgagor means each original bor-rower under a mortgage. The term does not include successors or assigns of a borrower. Principal limit means the maximum disbursement that could be received in any month under a mortgage, ass

36、um-ing that no other disbursements are made, taking into account the age of the youngest mortgagor, the mortgage interest rate, and the maximum claim amount. Mortgagors over the age of 95 will be treated as though they are 95 for purposes of calculating the prin-cipal limit. The principal limit is u

37、sed to calculate payments to a mortgagor. It is calculated for the first month that a mortgage could be outstanding using factors provided by the Secretary. It increases each month thereafter at a rate equal to one-twelfth of the mort-gage interest rate in effect at that VerDate Mar2010 10:21 May 10

38、, 2011 Jkt 223078 PO 00000 Frm 00264 Fmt 8010 Sfmt 8010 Y:SGML223078.XXX 223078WReier-Aviles on DSKGBLS3C1PROD with CFRProvided by IHSNot for ResaleNo reproduction or networking permitted without license from IHS-,-,-255 Office of Assistant Secretary for Housing, HUD 206.15 time, plus one-twelfth of

39、 one-half per-cent per annum, if the mortgage was executed on or after May 1, 1997. If the mortgage was executed before May 1, 1997, the principal limit increases each month at a rate equal to one-twelfth of the expected average mortgage interest rate plus one-twelfth of one-half per-cent per annum.

40、 The principal limit may decrease because of insurance or condemnation proceeds applied to the mortgage balance under 209.209(b) of this chapter. One-month Constant Maturity Treasury (CMT) Index means the average weekly yield of U.S. Treasury securities ad-justed to a constant maturity of one month.

41、 Principal residence means the dwelling where the mortgagor maintains his or her permanent place of abode, and typi-cally spends the majority of the cal-endar year. A person may have only one principal residence at any one time. Secretary. (See 24 CFR 5.100). 54 FR 24833, June 9, 1989; 54 FR 32060,

42、Aug. 4, 1989, as amended at 59 FR 50464, Oct. 3, 1994; 60 FR 42759, Aug. 16, 1995; 61 FR 36266, July 9, 1996; 61 FR 49032, Sept. 17, 1996; 62 FR 12953, Mar. 19, 1997; 62 FR 30227, June 2, 1997; 64 FR 2987, Jan. 19, 1999; 72 FR 40050, July 20, 2007; 73 FR 1436, Jan. 8, 2008; 74 FR 45316, Sept. 2, 200

43、9 206.7 Effect of amendments. The regulations in this part may be amended by the Secretary at any time and from time to time, in whole or in part, but amendments to subparts B and C of this part will not adversely af-fect the interests of a mortgagee on any mortgage to be insured for which either th

44、e Direct Endorsement mort-gagee or Lender Insurance mortgagee has approved the mortgagor and all terms and conditions of the mortgage, or the Secretary has made a commit-ment to insure. Such amendments will not adversely affect the interests of a mortgagor in the case of a default by a mortgagee whe

45、re the Secretary makes payments to the mortgagor. 62 FR 30227, June 2, 1997 206.8 Preemption. (a) Lien priority. The full amount se-cured by the mortgage shall have the same priority over any other liens on the property as if the full amount had been disbursed on the date the initial disbursement wa

46、s made, regardless of the actual date of any disbursement. The amount secured by the mortgage shall include all direct payments by the mortgagee to the mortgagor and all other loan advances permitted by the mortgage for any purpose including loan advances for interest, taxes and special assessments,

47、 premiums for haz-ard or mortgage insurance, servicing charges and costs of collection, regard-less of when the payments or loan ad-vances were made. The priority pro-vided by this section shall apply not-withstanding any State constitution, law or regulation. (b) Second mortgage. If the Secretary h

48、olds a second mortgage, it shall have a priority subordinate only to the first mortgage (and any senior liens per-mitted by paragraph (a) of this sec-tion). 61 FR 49033, Sept. 17, 1996 Subpart BEligibility; Endorsement 206.9 Eligible mortgagees. (a) Statutory requirements. (See sec-tion 255(b)(3) of

49、 NHA). (b) HUD approved mortgagees. Any mortgagee authorized under paragraph (a) of this section and approved under part 202 of this chapter, except an in-vesting mortgagee approved under 202.9 of this chapter, is eligible to apply for insurance. A mortgagee ap-proved under 202.6, 202.7, 202.9 or 202.10 of this chapter may purchase, hold and sell mortgages insured under this part without additional approval. 54 FR