The payment of any MIP under this subpart shall be made to the Commissioner by the mortgagee either in cash or debentures at par plus accrued interest. [48 FR 28805, June 23, 1983] Sec. 203.259a Scope.
(a) The Commissioner shall charge a one-time MIP pursuant to Sec. 203.280 for mortgages that:
(1) Are insured pursuant to Sec. 203.43(c) (if the mortgage to be refinanced was executed prior to July 1, 1991 and the new mortgage is executed on or after April 24, 1992); or insured pursuant to Sec. 203.43i; or
(2)(i) Are obligations of the Mutual Mortgage Insurance Fund under this part (except insured open-end advances as provided by Sec. 203.270);
(i) Are obligations of the Mutual Mortgage Insurance Fund under this part (except insured open-end advances as provided by Sec. 203.270);
(ii) Are insured pursuant to: (A) An application for a conditional commitment received on or after September 1, 1983; or
(B) An application for mortgage insurance endorsement under the single family Direct Endorsement program as provided in Sec. 203.255, where the property appraisal report is signed by the mortgagee's underwriter on or after September 1, 1983; and
(iii) Are executed before July 1, 1991.
(b) Except as provided in Sec. 203.284(h) or Sec. 203.285(d), the Commissioner shall charge an up-front MIP pursuant to Sec. 203.284 or Sec. 203.285 for mortgages executed on or after July 1, 1991 that are obligations of the Mutual Mortgage Insurance Fund. In the cases that the Commissioner deems appropriate, the Commissioner may require, by means of instructions communicated to all affected mortgages, that up-front MIP be remitted electronically.
(c) The periodic MIP provision of Sec. Sec. 203.260 through 203.268 shall not apply to mortgages referred to in paragraph (a) of this section, nor shall they apply to mortgages to which the provision of Sec. 203.284 or Sec. 203.285 apply. [57 FR 15211, Apr. 24, 1992, as amended at 57 FR 46983, Oct. 14, 1992; 58 FR 12902, Mar. 8, 1993; 58 FR 41003, July 30, 1993; 59 FR 13882, Mar. 24, 1994; 60 FR 34138, June 30, 1995; 61 FR 36453, July 10, 1996]
Mortgage Insurance Premiums--Periodic Payment