24 CFR 241.1095
§ 241.1095 Application of payments.
United States · 24 CFR — Housing and Urban Development · Status: effective
Cite this
- Citation
- 24 CFR 241.1095, § 241.1095 Application of payments, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/100162
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Full text
(a) The security instrument shall provide that all monthly payments to be made by the borrower shall be added together and the aggregate amount shall be paid by the borrower upon each monthly payment date in a single payment. The lender shall apply the payment in the following order:
(1) Premium charges under the contact of insurance;
(2) Interest on the loan; and
(3) Amortization of the principal of the loan.
(b) Any deficiency in the amount of any monthly payments required under paragraph (a) of this section shall constitute a default. The security instrument shall provide for a grace period of 30 days within which time the default must be cured.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.