Page:United States Statutes at Large Volume 104 Part 2.djvu/427

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PUBLIC LAW 101-508—NOV. 5, 1990 104 STAT. 1388-19 (i) less than 90 percent of the appraised value of the property (as of the date the mortgage is accepted for insurance), for the first 5 years of the mortgage term; (ii) greater than or equal to 90 percent of such value but equal to or less than 95 percent of such value, for the first 8 years of the mortgage term; and (iii) greater than 95 percent of such value, for the first 10 years of the mortgage term. (2) 1993 AND 1994. — For mortgages executed during fiscal years 1993 and 1994, the Secretary shall establish and collect the following premiums: (A) UP-FRONT. —At the time of insurance, a single premium payment in an amount equal to 3.00 percent of the . amount of the original insured principal obligation of the mortgage. (B) ANNUAL.— In addition to the premium under subparagraph (A), annual premium payments in an amount equal to 0.50 percent of the remaining insured principal balance (excluding the portion of the remaining balance attributable to the premium collected under subparagraph (A) and without taking into account delinquent payments or prepayments), for any mortgage involving an original principal obligation (excluding any premium collected under subparagraph (A)) that is— (i) less than 90 percent of the appraised value of the property (as of the date the mortgage is accepted for insurance), for the first 7 years of the mortgage term; (ii) greater than or equal to 90 percent of such value but equal to or less than 95 percent of such value, for the first 12 years of the mortgage term; and (iii) greater than 95 percent of such value, for the first 30 years of the mortgage term. (3) REFUNDS. —With respect to any mortgage subject to premiums under this subsection, the Secretary shall refund all of the unearned premium charges paid on a mortgage pursuant to paragraph (1)(A) or (2)(A) upon payment in full of the principal obligation of the mortgage prior to the maturity date. (c) REGULATIONS.—The Secretary shall issue regulations to carry 12 USC 1709 out this section and the amendments made by this section not later "o*«- than the expiration of the 90-day period beginning on the date of the enactment of this Act. SEC. 2104. MUTUAL MORTGAGE INSURANCE FUND DISTRIBUTIONS. Section 205 of the National Housing Act (12 U.S.C. 1711) is amended by adding at the end the following new subsection: "(e) In determining whether there is a surplus for distribution to mortgagors under this section, the Secretary shall take into account the actuarial status of the entire Fund.". SEC. 2105. ACTUARIAL SOUNDNESS OF MUTUAL MORTGAGE INSURANCE FUND. Section 205 of the National Housing Act (12 U.S.C. 1711), as amended by the preceding provisions of this Act, is further amended by adding at the end the following new subsections: "(f)(1) The Secretary shall ensure that the Mutual Mortgage Insurance Fund attains a capital ratio of not less than 1.25 percent