24 CFR 242.30

§ 242.30 Application of payments.

United States · 24 CFR — Housing and Urban Development · Status: effective

Cite this

Citation: 24 CFR 242.30, § 242.30 Application of payments, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/100208
Permanent ID: ys:prov:100208@1
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Full text

All payments to be made by the mortgagor to the mortgagee shall be added together and the aggregate amount thereof shall be paid by the mortgagor each month in a single payment. The mortgagee shall apply each payment received to the following items in the following order: (a) Premium charges under the contract of mortgage insurance; (b) Ground rents, taxes, special assessments, and fire and other hazard insurance premiums; (c) Interest on the mortgage; and (d) Amortization of the principal of the mortgage.

Legislative history

This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.