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National Mortgage Professional
Jul 11, 2005

HUD proposes a revision to single-family mortgage insurancemortgagepress.commortgage insurance, mortgagor fees, proposed rule The U.S. Department of Housing and Urban Development has introduced a proposed rule that would revise a portion of the single-family mortgage insurance program. The current program, among other things, permits the payment of taxes and insurance on behalf of the mortgagor for ground rents, taxes, special assessments, flood insurance premiums, fire and other hazard insurance premiums, if any (24 CFR § 203.23(a)). HUD's proposed rule would, among other things, amend 24 CFR § 203.23(a) and 24 CFR § 203.359(b)(2) to require a provision in the mortgage for the payment of homeowners or condominium association fees among the other payments that the mortgagor is required to make under the mortgage. In the event of non-payment of such fees by the mortgagor, HUD proposes that the mortgagee shall present the deed to the Secretary for recording within 30 days after either the acquisition of possession of the property by the mortgagee or expiration of the redemption period (24 CFR § 203.359(b)(2)). The proposed rule was designed to reduce the amount of expenses incurred by HUD for delays by the mortgagee in presenting the deed for recording. The proposed rule, if finalized, would require mortgagees of FHA-insured mortgages endorsed on or after the effective date of this rule to collect, as part of the monthly mortgage payment, an escrow of the amounts necessary for the payment of these fees when they become due. HUD asserts that this proposed rule, if finalized, would help protect HUD's mortgage insurance fund, and would also afford greater protection to those homeowners who do pay their fees from being assessed for maintenance costs and other expenses because other homeowners do not pay their fees. For a copy of the proposed rule, visit www.hud.gov.
Published
Jul 11, 2005
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