(a) Duration of payments. Mortgage insurance premium payments must continue annually until one of the following occurs:
- (1) The mortgage is paid in full;
- (2) A deed to the HFA is filed for record;
- (3) An application for initial claim payment is received by the Commissioner; or
- (4) The contract of insurance is otherwise terminated.
- (b) Method of payment. The HFA shall pay any mortgage insurance premium required by this part in cash.
[59 FR 62524, Dec. 5, 1994, as amended at 85 FR 83440, Dec. 22, 2020]