§ 203.1. Underwriting procedures.
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/us/cfr/t24/s§ 203.1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The three underwriting procedures for single family mortgages are:
(a)Direct Endorsement. This procedure, which is described in § 203.5, is available for mortgagees that are eligible under § 203.3.
(b)Lender insurance. This procedure, which is described in § 203.6, is available for mortgagees that are eligible for the Direct Endorsement program under § 203.5, and that are also approved according to § 203.4.
(c)Issuing of commitments through HUD offices. Processing through HUD offices as described in § 203.7, with issuance of commitments, is available only for mortgages that are not eligible for Direct Endorsement processing under § 203.5(b) or to the extent required in § 203.3(b)(4), § 203.3(d)(1), or as determined by the Secretary. \[62 FR 30225, June 2, 1997\]
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§ 203.1
Underwriting procedures.
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