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12 U.S.C. § 1701z–16 — Insurance of additional mortgages
Federal law — U.S. Code and appendices · legal_authorities
**(a) Authorization** In addition to mortgages insured under [section 1750b of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1750b&num=0&edition=prelim), the Secretary is authorized to insure mortgages as defined in [section 1750 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1750&num=0&edition=prelim) (including advances on such mortgages during construction) which are eligible for insurance as hereinafter provided.
**(b) Eligibility requirements; release of part of property** To be eligible for insurance under this section a mortgage shall meet the following conditions:
(1) The mortgaged property shall be held by a mortgagor approved by the Secretary. The Secretary may, in his discretion, require such mortgagor to be regulated or restricted as to rents or sales, charges, capital structure, rate of return, and methods of operation. The Secretary may make such contracts with, and acquire for not to exceed $100 stock or interest in any such mortgagor, as the Secretary may deem necessary to render effective such restriction or regulation. Such stock or interest shall be paid for out of the General Insurance Fund, and shall be redeemed by the mortgagor at par upon the termination of all obligations of the Secretary under the insurance.
(2) The mortgage shall involve a principal obligation in an amount—
(A) not to exceed $5,000,000; and
(B) not to exceed 90 per centum of the amount which the Secretary estimates will be the value of the property or project when the proposed improvements are completed: Provided, That such mortgage shall not in any event exceed the amount which the Secretary estimates will be the cost of the completed physical improvements on the property or project
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1701z–16
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Stable record: federal_law:legal_authorities:record_usc_164345f8b5fe63a8829da64d
Source file: Laws/federal/codes/united-states-code/title-12/section-1701z16-insurance-of-additional-mortgages--fccc8d3621.md
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Source location: Title 12, Chapter 13, § 1701z–16; chapter-013-national-housing.md
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**(a) Authorization** In addition to mortgages insured under [section 1750b of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1750b&num=0&edition=prelim), the Secretary is authorized to insure mortgages as defined in [section 1750 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1750&num=0&edition=prelim) (including advances on such mortgages during construction) which are eligible for insurance as hereinafter provided.
**(b) Eligibility requirements; release of part of property** To be eligible for insurance under this section a mortgage shall meet the following conditions:
(1) The mortgaged property shall be held by a mortgagor approved by the Secretary. The Secretary may, in his discretion, require such mortgagor to be regulated or restricted as to rents or sales, charges, capital structure, rate of return, and methods of operation. The Secretary may make such contracts with, and acquire for not to exceed $100 stock or interest in any such mortgagor, as the Secretary may deem necessary to render effective such restriction or regulation. Such stock or interest shall be paid for out of the General Insurance Fund, and shall be redeemed by the mortgagor at par upon the termination of all obligations of the Secretary under the insurance.
(2) The mortgage shall involve a principal obligation in an amount—
(A) not to exceed $5,000,000; and
(B) not to exceed 90 per centum of the amount which the Secretary estimates will be the value of the property or project when the proposed improvements are completed: Provided, That such mortgage shall not in any event exceed the amount which the Secretary estimates will be the cost of the completed physical improvements on the property or project exclusive of off-site public utilities and streets and organization and legal expenses; and
(C) not to exceed $8,100 per family unit (or $7,200 per family unit if the number of rooms in such property or project does not equal or exceed four per family unit) for such part of such property or project as may be attributable to dwelling use: Provided, That the Secretary may by regulation increase such dollar amount limitations by not exceeding $900 in any geographical area where he finds that cost levels so require.
(3) The mortgagor shall enter into the agreement required by [section 1715r of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1715r&num=0&edition=prelim).
The mortgage shall provide for complete amortization by periodic payments within such term as the Secretary shall prescribe, and shall bear interest (exclusive of premium charges for insurance) at not to exceed 4½ per centum per annum on the amount of the principal obligation outstanding at any time. The Secretary may consent to the release of a part or parts of the mortgaged property from the lien of the mortgage upon such terms and conditions as he may prescribe and the mortgage may provide for such release.
**(c) Default; debentures; cash adjustment; certificate of claim** The mortgagee shall be entitled to receive debentures in connection with mortgages insured under this section in the amount and under the conditions specified in subsection (g) of [section 1713 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1713&num=0&edition=prelim), and the references in said subsection (g) to the cash adjustment provided for in subsection (j) of section 1713 and to the certificate of claim provided for in subsection (h) of section 1713 shall be deemed to refer respectively to the cash adjustment provided for in subsection (c) of [section 1750c of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1750c&num=0&edition=prelim) and to the certificate of claim provided for in subsection (d) of this section.
**(d) Certificate of claim; contents and payment** The certificate of claim issued by the Secretary to any mortgagee under this section shall be for an amount determined in accordance with, and shall contain provisions and shall be paid in accordance with, the provisions of [section 1713(h) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1713/h&num=0&edition=prelim).
**(e) Debentures; issuance and payment in accordance with section 1750c(c), (d) of this title** Debentures issued under this section shall be issued in accordance with the provisions of section 1750c(c) and (d) of this title except that such debentures shall be dated as of the date of default as determined in subsection (c) of this section, and shall bear interest from such date.
**(f) Applicability of section 1713(k), (l) of this title** The provisions of section 1713(k) and (l) of this title shall be applicable to mortgages insured under this section and to property acquired by the Secretary hereunder, except that, as applied to such mortgages and property, the reference therein to subsection (g) shall be construed to refer to subsection (c) of this section.
**(g) Applications under section 1743; credit for fees upon reapplication under this section** In any case where an application for insurance under [section 1743 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1743&num=0&edition=prelim) was received by the Secretary of Housing and Urban Development on or before March 1, 1950, and has not been rejected or committed upon, the mortgagee upon reapplication for insurance of a mortgage under this section with respect to the same property shall receive credit for any application fees paid in connection with the prior application: Provided, That this subsection shall not constitute a waiver of any requirements otherwise applicable to the insurance of mortgages under this section.
**(h) Preferences** The Secretary shall grant preference to applications for insurance under this subchapter to mortgages covering housing of lower rents.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Periodic review of mortgagee performance** To reduce losses in connection with single family mortgage insurance programs under this chapter, at least once a year the Secretary shall review the rate of early defaults and claims for insured single family mortgages originated or underwritten by each mortgagee.
**(b) Comparison with other mortgagees** For each mortgagee, the Secretary shall compare the rate of early defaults and claims for insured single family mortgage loans originated or underwritten by the mortgagee in an area with the rate of early defaults and claims for other mortgagees originating or underwriting insured single family mortgage loans in the area. For purposes of this section, the term “area” means each geographic area in which the mortgagee is authorized by the Secretary to originate insured single family mortgages.
**(c) Termination of mortgagee origination approval**
(1) Notwithstanding [section 1708(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1708/c&num=0&edition=prelim), the Secretary may terminate the approval of a mortgagee to originate or underwrite single family mortgages if the Secretary determines that the mortgage loans originated or underwritten by the mortgagee present an unacceptable risk to the insurance funds. The determination shall be based on the comparison required under subsection (b) and shall be made in accordance with regulations of the Secretary. The Secretary may rely on existing regulations published before this section takes effect.
(2) The Secretary shall give a mortgagee at least 60 days prior written notice of any termination under this subsection. The termination shall take effect at the end of the notice period, unless the Secretary withdraws the termination n
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1750b
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Federal law — U.S. Code and appendices · legal_authorities
**(a) State offices** In order to ensure the adequate processing of applications for insurance of loans and mortgages under this chapter, the Secretary shall maintain not less than one office in each State to carry out the provisions of this chapter.
**(b) Expedited procedure for RTC properties** To assist the Resolution Trust Corporation in disposing of the property to which it acquires title and to ensure the timely processing of applications for insurance of loans and mortgages under this chapter that will be used to purchase multifamily residential property from the Resolution Trust Corporation, the Secretary shall establish an expedited procedure for considering such applications.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1750c
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Authorization to provide information, advice, and technical assistance; scope of assistance; authorization of appropriations**
(1) The Secretary is authorized to provide, or contract with public or private organizations to provide, information, advice, and technical assistance, including but not limited to—
(i) the assembly, correlation, publication, and dissemination of information with respect to the construction, rehabilitation, and operation of low- and moderate-income housing;
(ii) the provision of advice and technical assistance to public bodies or to nonprofit or cooperative organizations with respect to the construction, rehabilitation, and operation of low- and moderate-income housing, including assistance with respect to self-help and mutual self-help programs;
(iii) counseling and advice to tenants and homeowners with respect to property maintenance, financial management, and such other matters as may be appropriate to assist them in improving their housing conditions and in meeting the responsibilities of tenancy or homeownership; and
(iv) the provision of technical assistance to communities, particularly smaller communities, to assist such communities in planning, developing, and administering Community Development Programs pursuant to title I of the Housing and Community Development Act of 1974 [[42 U.S.C. 5301](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section5301&num=0&edition=prelim) et seq.].
(2) The Secretary (A) shall provide the services described in clause (iii) of paragraph (1) for homeowners assisted under section 235 of the National Housing Act [[12 U.S.C. 1715z](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1715z&num=0&edition=prelim)]; (B) shall, in consultation with
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1715r
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Reporting requirements** Not later than 120 days after May 20, 2009, and quarterly thereafter, the Comptroller of the Currency and the Director of the Office of Thrift Supervision,11 So in original. The comma probably should not appear. shall jointly submit a report to the Committee on Banking, Housing, and Urban Affairs of the Senate,22 So in original. The word “and” probably should appear instead of the comma. the Committee on Financial Services of the House of Representatives on the volume of mortgage modifications reported to the Office of the Comptroller of the Currency and the Office of Thrift Supervision, under the mortgage metrics program of each such Office, during the previous quarter, including the following:
(1) A copy of the data collection instrument currently used by the Office of the Comptroller of the Currency and the Office of Thrift Supervision to collect data on loan modifications.
(2) The total number of mortgage modifications in each State that result in each of the following:
(A) Additions of delinquent payments and fees to loan balances.
(B) Interest rate reductions and freezes.
(C) Term extensions.
(D) Reductions of principal.
(E) Deferrals of principal.
(F) Combinations of modifications described in subparagraph (A), (B), (C), (D), or (E).
(3) The total number of mortgage modifications in each State for which the total monthly principal and interest payment resulted in the following:
(A) An increase.
(B) Remained the same.
(C) Decreased less than 10 percent.
(D) Decreased between 10 percent and 20 percent.
(E) Decreased 20 percent or more.
(4) The total number of loans in each State that have been modified and then entered into default, where the loan modification resulted in—
(A) higher monthly pay
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1743
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Federal law — U.S. Code and appendices · legal_authorities
The right to redeem provided for by [section 2410(c) of title 28](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title28-section2410/c&num=0&edition=prelim), shall not arise in any case in which the subordinate lien or interest of the United States derives from the issuance of insurance under the National Housing Act, as amended [[12 U.S.C. 1701](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1701&num=0&edition=prelim) et seq.].
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1713
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Federal law — U.S. Code and appendices · legal_authorities
In carrying out the provisions of subchapters I, II, IV,11 See References in Text note below. VII, VIII, IX–B, and X pertaining to the payment of loan or mortgage insurance premium charges by a financial institution, other mortgagees, or agent thereof to the Federal Government in connection with a loan or mortgage insurance program established pursuant to any of these subchapters, the Secretary shall require that payment of such premiums be made (1) in the case of loans or mortgages respecting one- to four-family residences, promptly upon their receipt from the borrower, and (2) in any other case, promptly when due to the Secretary; except that the Secretary may approve payment of such premiums within twenty-four months of such receipt or due date, as appropriate, if the financial institution, mortgagee, or agent thereof pays interest, at a rate specified by the Secretary, to the insurance fund for the period beginning twenty days after receipt from the borrower or after the due date, as appropriate, and ending upon payment of the premiums to the Federal Government.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1750
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Purpose; authorization**
(1) In order to assist in lowering housing costs and improving housing standards, quality, livability, or durability or neighborhood design through the utilization of advanced housing technology, or experimental property standards, the Secretary is authorized to insure and to make commitments to insure, under this section, mortgages (including home improvement loans, and including advances on mortgages during construction) secured by properties including dwellings involving the utilization and testing of advanced technology in housing design, materials, or construction, or experimental property standards for neighborhood design if the Secretary determines that (A) the property is an acceptable risk, giving consideration to the need for testing advanced housing technology or experimental property standards, (B) the utilization and testing of the advanced technology or experimental property standards involved will provide data or experience which the Secretary deems to be significant in reducing housing costs or improving housing standards, quality, livability, or durability, or improving neighborhood design, and (C) the mortgages are eligible for insurance under the provisions of this section and under any further terms and conditions which may be prescribed by the Secretary to establish the acceptability of the mortgages for insurance.
(2) The Secretary is further authorized to insure and to make commitments to insure, under this section, mortgages (including advances on mortgages during construction) secured by properties in projects to be carried out in accordance with plans approved by the Secretary under [section 1701z of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1701z&num=0&edition=preli
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1735c
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** Not later than 18 months after October 24, 1992, the Secretary, in consultation with the Secretary of Housing and Urban Development, the Secretary of Veterans Affairs, representatives of existing home energy rating programs, and other appropriate persons, shall, by rule, issue voluntary guidelines that may be used by State and local governments, utilities, builders, real estate agents, lenders, agencies in mortgage markets, and others, to enable and encourage the assignment of energy efficiency ratings to residential buildings.
**(b) Contents of guidelines** The voluntary guidelines issued under subsection (a) shall—
(1) encourage uniformity with regard to systems for rating the annual energy efficiency of residential buildings;
(2) establish protocols and procedures for—
(A) certification of the technical accuracy of building energy analysis tools used to determine energy efficiency ratings;
(B) training of personnel conducting energy efficiency ratings;
(C) data collection and reporting;
(D) quality control; and
(E) monitoring and evaluation;
(3) encourage consistency with, and support for, the uniform plan for Federal energy efficient mortgages, including that developed under section 946 of the Cranston-Gonzalez National Affordable Housing Act ([42 U.S.C. 12712](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section12712&num=0&edition=prelim) note) and pursuant to sections 105 and 106 of the Energy Policy Act of 1992;
(4) provide that rating systems take into account local climate conditions and construction practices, solar energy collected on-site, and the benefits of peak load shifting construction practices, and not discriminate among fuel types; and
(5) establish procedures to ensure that residential
Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 8236
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