GroundRules
24 CFR 1005.831: Cancellation of hazard insurance.
Where this section sits in the code
- Title 24—Housing and Urban Development
- Subtitle B—Regulations Relating to Housing and Urban Development
- CHAPTER IX—OFFICE OF ASSISTANT SECRETARY FOR PUBLIC AND INDIAN HOUSING, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
- PART 1005—LOAN GUARANTEES FOR INDIAN HOUSING
- Subpart H—Claims
The Holder shall cancel any hazard insurance policy as of the date of the deed to HUD, subject to the following conditions:
(a) The amount of premium refund due to the Servicer resulting from such cancellation must be deducted from the total amount claimed.
(b) If the Holder's calculation of the premium refund is less than the actual premium refund, the amount of the difference between the actual refund and the calculated refund shall be remitted to HUD, accompanied by the insurance company's or agent's statement.
(c) If the Holder's calculation of the premium refund is more than the actual refund, the Servicer must include in a supplemental Claim submission in accordance with § 1005.809(c), accompanied by the insurance company's or agent's statement, the amount of the difference as an eligible cost in accordance with § 1005.843(c).
Collected 2026-08-27T02:24:55Z. Source file · JSON