[Code of Federal Regulations]

[Title 24, Volume 2]

[Revised as of April 1, 2005]

From the U.S. Government Printing Office via GPO Access

[CITE: 24CFR203.24]



[Page 159]

 

                 TITLE 24--HOUSING AND URBAN DEVELOPMENT

 

 CHAPTER II--OFFICE OF ASSISTANT SECRETARY FOR HOUSING--FEDERAL HOUSING 

        COMMISSIONER, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

 

PART 203_SINGLE FAMILY MORTGAGE INSURANCE--Table of Contents

 

     Subpart A_Eligibility Requirements and Underwriting Procedures

 

Sec.  203.24  Application of payments.



    (a) All monthly payments to be made by the mortgagor to the 

mortgagee shall be added together and the aggregate amount thereof shall 

be paid by the mortgagor each month in a single payment. The mortgagee 

shall apply the same to the following items in the order set forth:

    (1) Premium charges under the contract of insurance (other than a 

one-time or up-front mortgage insurance premium paid in accordance with 

Sec. Sec.  203.280, 203.284 and 203.285), charges for ground rents, 

taxes, special assessments, flood insurance premiums, if required, and 

fire and other hazard insurance premiums;

    (2) Interest on the mortgage;

    (3) Amortization of the principal of the mortgage; and

    (4) Late charges, if permitted under the terms of the mortgage and 

subject to such conditions as the Commissioner may prescribe.

    (b) Any deficiency in the amount of any such aggregate monthly 

payment shall, unless made good by the mortgagor prior to, or on, the 

due date of the next such payment, constitute an event of default under 

the mortgage.



[36 FR 24508, Dec. 22, 1971, as amended at 37 FR 25231, Nov. 29, 1972; 

50 FR 25914, June 24, 1985; 61 FR 36263, July 9, 1996]