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 203 - SINGLE FAMILY MORTGAGE INSURANCE

subpart b - CONTRACT RIGHTS AND OBLIGATIONS

203.282 - Mortgagee's late charge and interest.

  (a) Payment of a one-time or up-front MIP is late if not received by HUD within 10 calendar days after the date of loan closing or within 10 calendar days after the date of disbursement of the mortgage proceeds, whichever is later. Late payments shall include a late charge of four percent of the amount of the MIP.

  (b) If payment of the MIP is not received by HUD within 30 days after the date of loan closing or within 30 calendar days after the date of disbursement of the mortgage proceeds, whichever is later, the mortgagee will be charged additional late fees until payment is received at an interest rate set in conformity with the Treasury Fiscal Requirements Manual.

[70 FR 19669, Apr. 13, 2005]