1. Regulations
  2. title 24
  3. chapter II
  4. part 200
  5. subpart A
  6. subjgrp 29
  7. § 200.81

View all text of Subjgrp 29 [§ 200.80 - § 200.88]

§ 200.81 - Disbursement of mortgage proceeds.

The mortgagee shall be obligated, as a part of the mortgage transaction, to disburse the principal amount of the mortgage to the:

(a) Mortgagor or mortgagor's account;

(b) Mortgagor's creditors for the mortgagor's account, subject to the mortgagor's consent.

AUTHORITY: 12 U.S.C. 1702-1715z-21; 42 U.S.C. 3535(d).

SOURCE: 36 FR 24467, Dec. 22, 1971, unless otherwise noted.

CITE AS: 24 CFR 200.81