24 CFR 232.580

§ 232.580 Application of payments.

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

Cite this

Citation: 24 CFR 232.580, § 232.580 Application of payments, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/99992
Permanent ID: ys:prov:99992@1
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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 this aggregate amount shall be paid by the borrower upon each monthly payment date in a single payment. The lender shall apply the payment to the following items in the order set forth: (1) Premium charges under the contract of insurance; (2) Interest on the loan; (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 an event of default and the loan shall further 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.