 |
Code of Federal Regulations (Last Updated: May 6, 2024) |
 |
Title 24 - Housing and Urban Development |
|
Subtitle B - Regulations Relating to Housing and Urban Development |
|
Chapter II - Office of Assistant Secretary for Housing - Federal Housing Commissioner, Department of Housing and Urban Development |
|
SubChapter B - Mortgage and Loan Insurance Programs Under National Housing Act and Other Authorities |
|
Part 206 - Home Equity Conversion Mortgage Insurance |
|
Subpart C - Contract Rights and Obligations |
|
Mortgage Insurance Premiums |
§ 206.113 - Late charge and interest.
-
§ 206.113 Late charge and interest.
(a) Late charge. Initial MIP remitted to the Secretary Commissioner more than 5 days after the payment date in § 206.111(a) and monthly MIP remitted to the Secretary 10 Commissioner more than 5 days after the payment date in § 206.111(b) shall include a late charge of four percent of the amount paidowed.
(b) Interest. In addition to any late charge provided in paragraph (a) of this section, the mortgagee shall pay interest on any initial MIP remitted to the Secretary Commissioner more than 30 20 days after closing, and interest on any monthly MIP remitted to the Secretary Commissioner more than 30 5 days after the payment date prescribed in § 206.111(b). Such interest rate shall be paid at a rate set in conformity with the Treasury Financial Manual.
(c) Paid by mortgagee. Any late charge owed by the mortgagee shall be paid from the mortgagee's funds and shall and interest owed may not be added to the mortgage balance of the mortgagor.
[54 FR 24833, June 9, 1989; 54 FR 32060, Aug. 4, 1989, as amended at 60 FR 42761, Aug. 16, 1995]
outstanding loan balance and must be paid by the mortgagee.