WAIS Document Retrieval[Code of Federal Regulations]
[Title 24, Volume 2, Parts 200 to 499]
[Revised as of April 1, 2000]
From the U.S. Government Printing Office via GPO Access
[CITE: 24CFR203.359]

[Page 188-189]
 
                 TITLE 24--HOUSING AND URBAN DEVELOPMENT
 
PART 203--SINGLE FAMILY MORTGAGE INSURANCE--Table of Contents
 
               Subpart B--Contract Rights and Obligations
 
Sec. 203.359  Time of conveyance to the Secretary.

    (a) For mortgages insured under firm commitments issued prior to 
November 19, 1992 or under direct endorsement processing where the 
credit worksheet was signed by the mortgagee's approved underwriter 
prior to November 19, 1992. After acquiring good marketable title to and 
possession of the property the mortgagee must transfer the property to 
the Secretary:
    (1) Within 30 days after acquiring possession of the mortgaged 
property by foreclosure or other means; or
    (2) Within such further time as may be necessary to complete the 
title examination and perfect the title.
    (b) For mortgages insured under firm commitments issued on or after 
November 19, 1992, or under direct endorsement processing where the 
credit worksheet was signed by the mortgagee's underwriter on or after 
November 19, 1992--(1) Conveyance by the mortgagee. The mortgagee must 
acquire good marketable title and transfer the property to the Secretary 
within 30 days of the later of:

[[Page 189]]

    (i) Filing for record the foreclosure deed;
    (ii) Recording date of deed in lieu of foreclosure;
    (iii) Acquiring possession of the property;
    (iv) Expiration of the redemption period; or
    (v) Such further time as the Secretary may approve in writing.
    (2) Direct conveyance. In cases where the mortgagee arranges for a 
direct conveyance of the property to the Secretary, the mortgagee must 
ensure that the property is transferred to the Secretary within 30 days 
of the reasonable diligence time frame specified in Sec. 203.356 of this 
part.

[57 FR 47971, Oct. 20, 1992, as amended at 61 FR 36453, July 10, 1996]



