Open-End Insurance Charge [HUD] Law and Legal Definition
Pursuant to 24 CFR 203.251 (o) [Title 24 Housing and Urban Development; Subtitle B Regulations Relating to Housing and Urban Development; Chapter II Office of Assistant Secretary for Housing Federal Housing Commissioner, Department of Housing and Urban Development; Subchapter B Mortgage and Loan Insurance Programs Under National Housing Act and Other Authorities; Part 203 Single Family Mortgage Insurance; Subpart B Contract Rights and Obligations; Definitions], the term Open-End Insurance Charge means “the charge paid by the mortgagee to the Commissioner in consideration of the insurance of an open-end advance.”
