[Federal Register Volume 61, Number 161 (Monday, August 19, 1996)]
[Rules and Regulations]
[Pages 42786-42787]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-21031]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
24 CFR Parts 203 and 221
[Docket No. FR-3899-C-02]
RIN 2502-AG55
Office of the Assistant Secretary for Housing--Federal Housing
Commissioner; Single Family Mortgage Insurance Premium; Correction to
Final Rule
AGENCY: Office of the Assistant Secretary for Housing--Federal Housing
Commissioner, HUD.
ACTION: Final rule; Correction.
-----------------------------------------------------------------------
SUMMARY: On July 19, 1996 (61 FR 37798), the Department published in
the
[[Page 42787]]
Federal Register, a final rule that finalized a proposed rule published
by the Department on January 26, 1996, which proposed many benefits to
the mortgage lenders that would reduce their servicing costs and the
confusion generated by adjustments to the annual mortgage insurance
premium (MIP) on cases not endorsed within the first six months after
amortization. The purpose of this document is to remove a redundant
sentence in the preamble of the rule and to make a clarifying change to
Sec. 203.264.
EFFECTIVE DATE: August 19, 1996.
FOR FURTHER INFORMATION CONTACT: John L. Sahl, Acting Director, Office
of Mortgage Insurance Accounting and Servicing, Room 2108, Department
of Housing and Urban Development, 451 7th Street, S.W., Washington, DC
20410, telephone (202) 708-1046. For telephone communication, contact
Anne Baird-Bridges, Single Family Insurance Operations Division, at
(202) 708-2438. Hearing or speech-impaired individuals may call HUD's
TTY number (202) 708-4594. These are not toll-free numbers.
SUPPLEMENTARY INFORMATION: Accordingly, corrections are made to FR Doc.
96-18354, a final rule on Single Family Mortgage Insurance Premium,
published in the Federal Register on July 19, 1996 (61 FR 37798), as
follows:
1. On page 37798, in the first column, the preamble is corrected by
removing the third sentence in paragraph 2 of the SUMMARY that reads,
``A new system is being developed (and expected to be operational by
Summer 1997) which would produce a monthly notice of premiums due, and
the reconciliation will be made monthly by the lender when the premium
is paid.''
2. On page 37801, Sec. 203.264 is correctly revised to read as
follows:
Sec. 203.264 Payment of periodic MIP.
The mortgagee shall pay each MIP in twelve equal monthly
installments. Each monthly installment shall be due and payable to the
Commissioner no later than the tenth day of each month, beginning in
the month in which the mortgagor is required to make the first monthly
mortgage payment. This will be effective for amortization beginning on
or after September 1, 1996.
Dated: August 14, 1996.
Camille E. Acevedo,
Assistant General Counsel for Regulations.
[FR Doc. 96-21031 Filed 8-16-96; 8:45 am]
BILLING CODE 4210-27-P
