§ 1005.773. HUD acceptance of assignment or conveyance.
161 words·~1 min read·
/us/cfr/t24/s§ 1005.773·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Effective date of assignment. HUD accepts the assignment of a Section 184 Guaranteed Loan when:
(1)The Servicer has assigned the Section 184 Guaranteed Loan to HUD;
(2)The Servicer has provided HUD evidence of the recordation; and
(3)HUD pays a claim for the unpaid principal balance under § 1005.807(a).
(b)Effective date of conveyance. HUD accepts conveyance of the property when:
(1)The Servicer has deeded the property to HUD;
(2)The Servicer has provided HUD evidence of the recordation; and
(3)HUD pays a claim for the unpaid principal balance under § 1005.807(a).
(c)Servicer ongoing obligation. Notwithstanding the assignment of the Section 184 Guarantee Loan or the filing of the deed or other legal instrument conveying the property interest to the HUD, the Servicer remains responsible for ensuring compliance with this part, including any loss or damage to the property, and such responsibility is retained by the Servicer until the claim has been paid by HUD.