[Code of Federal Regulations]
[Title 24, Volume 2]
[Revised as of April 1, 2002]
From the U.S. Government Printing Office via GPO Access
[CITE: 24CFR291.301]

[Page 498]
 
                 TITLE 24--HOUSING AND URBAN DEVELOPMENT
 
 CHAPTER II--OFFICE OF ASSISTANT SECRETARY FOR HOUSING--FEDERAL HOUSING 
        COMMISSIONER, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
 
PART 291--DISPOSITION OF HUD-ACQUIRED SINGLE FAMILY PROPERTY--Table of Contents
 
        Subpart D--Sale of HUD-Held Single Family Mortgage Loans
 
Sec. 291.301  Definitions.

    Source: 62 FR 3769, Jan. 24, 1997, unless otherwise noted.


    For purposes of this subpart, the following definitions apply:
    Bid package means the documents prepared for bidders in a mortgage 
loan sale, and includes the following: An Executive Summary containing 
information on FHA single family mortgage loan sales and background on 
HUD programs; a description of post-sale servicing requirements; due 
diligence information and reports; mortgage loan information; a copy of 
the Loan Sale Agreement and its exhibits; bidding and closing 
information; and such other information and requirements as the 
Secretary may determine necessary.
    Payment plan agreement, for purposes of Sec. 291.307(c)(2), means an 
agreement between the purchaser and the mortgagor for payments after the 
36-month period of statutorily authorized forbearance relief has 
expired.
    Single family mortgage loan means a mortgage loan on a single family 
property assigned to HUD under section 230(b) of the National Housing 
Act (as that subsection existed prior to January 26, 1996) (12 U.S.C. 
1715u), a mortgage loan on a single family property insured by HUD under 
section 221 of the National Housing Act (12 U.S.C. 1715l), a mortgage 
loan on a single family property issued in connection with the 
settlement of the Ferrell litigation, a purchase money mortgage loan 
issued by HUD on a single family property sold from HUD's inventory that 
was not connected with the settlement of the Ferrell litigation, or any 
other single family mortgage loan owned by HUD and representing an asset 
to HUD's Title II mortgage insurance funds.
    Single family property means a residence with one to four dwelling 
units.