[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: 24CFR203.7]



[Page 149]

 

                 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.  203.7  Commitment process.



    For single family mortgage programs that are not eligible for Direct 

Endorsement processing under Sec.  203.5, or for Lender Insurance 

processing under Sec.  203.6, the mortgagee must submit an application 

for mortgage insurance in a form prescribed by the Secretary prior to 

making the mortgage loan. If:

    (a) A mortgage for a specified property has been accepted for 

insurance through issuance of a conditional commitment by the Secretary 

or a certificate of reasonable value by the Department of Veterans 

Affairs, and

    (b) A specified mortgagor and all other proposed terms and 

conditions of the mortgage meet the eligibility requirements for 

insurance as determined by the Secretary, the Secretary shall approve 

the application for insurance by issuing a firm commitment setting forth 

the terms and conditions of insurance.



[57 FR 58346, Dec. 9, 1992; 58 FR 13537, Mar. 12, 1993, as amended at 62 

FR 30226, June 2, 1997]



                        Miscellaneous Regulations