§ 291.613. Settlement requirements.
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/us/cfr/t24/s§ 291.613·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Settlement payment. On the settlement date of a Single Family Sale, the Purchaser must pay to HUD the settlement payment, consisting of the balance of the amount due on the bid price, as adjusted in accordance with the CAA.
(b)Settlement statement. When the Purchaser delivers to HUD the documents required at settlement and the settlement payment in paragraph
(a)of this section, HUD will execute and deliver to the Purchaser a settlement statement and updated Single Family Loan schedule for the CAA to document the Single Family Loans sold to the Purchaser in the Single Family Sale.
(c)Endorsement and assignment. HUD may grant a temporary Limited Power of Attorney to the Purchaser to effect endorsement and assignment of the Single Family Loans to the Purchaser.
(d)Purchaser's special purpose entity. HUD may allow a Purchaser to endorse and assign Single Family Loans from HUD to Purchaser's special purpose entity acquisition vehicle on terms permitted in the CAA.