§ 206.15 - Insurance.

§ 206.15 Insurance.

Mortgages originated under this part must be endorsed through the Direct Endorsement program under § 203.5 of this chapter, or insured through the Lender Insurance program under except that any references to § 203.6 of this chapter, except as provided in §§ 203.1 or 203.4 of this chapter255 in § 203.5 shall mean § 206.115. The mortgagee must shall submit the information as described in § 203206.255 115(b) or (f) of this chapter, as applicable for the Direct Endorsement program; the certificate of housing counselling counseling as described in § 206.41; a copy of the title insurance commitment satisfactory to the Secretary Commissioner (or other acceptable title evidence if the Secretary Commissioner has determined not to require title insurance under § 206.45(a)); the mortgagee's election of either the assignment or shared premium option under § 206.17107; and any other documentation required by the Secretary. Section 203.255 (c), (d), (e), and (f) of this chapter, pertaining to the processes for Direct Endorsement and Lender Insurance, apply to mortgages under this part. Commissioner. If the mortgagee has complied with the requirements of §§ 203.3, and 203.4, 203.5, 203.6, and 203.255 of this chapter (as applicable), and the except that any reference to § 203.255 in these sections shall mean § 206.115 for purposes of this section, and other requirements of this part, and the mortgage is determined to be eligible, the Secretary Commissioner will either endorse the mortgage for insurance by issuing a Mortgage Insurance Certificate or will electronically acknowledge that the mortgage has been insured. The mortgagee under the Lender Insurance program shall execute for the Secretary the loan agreement included in the term “mortgage” as defined in § 206.3.

[62 FR 30227, June 2, 1997]