# 24 CFR § 206.113: Late charge and interest

> Federal · Regulations · In force

URL: https://www.frixlaw.com/law-library/statutes/ecfr-24-206.113

## Section

- **Citation:** 24 CFR § 206.113
- **Heading:** Late charge and interest
- **Jurisdiction:** Federal
- **Kind:** Regulations
- **Status:** In force
- **Text as of:** September 22, 2026
- **Source:** Publisher's official text
- **Location:** 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 206—HOME EQUITY CONVERSION MORTGAGE INSURANCE > Subpart C—Contract Rights and Obligations > Mortgage Insurance Premiums

## Text

(a) Late charge. Initial MIP remitted to the Commissioner more than 5 days after the payment date in § 206.111(a) and monthly MIP remitted to the Commissioner more than 5 days after the payment date in § 206.111(b) shall include a late charge of four percent of the amount owed.
(b) Interest. In addition to any late charge provided in paragraph (a) of this section, the mortgagee shall pay interest on any initial MIP remitted to the Commissioner more than 20 days after closing, and interest on any monthly MIP remitted to the Commissioner more than 5 days after the payment date prescribed in § 206.111(b). Such interest rate shall be paid at a rate set in conformity with the Treasury Financial Manual.
(c) Paid by mortgagee. Any late charge and interest owed may not be added to the outstanding loan balance and must be paid by the mortgagee.

## Nearby sections

- [24 CFR § 206.101 § 206.101 Sale, assignment and pledge of insured mortgages.](https://www.frixlaw.com/law-library/statutes/ecfr-24-206.101.md)
- [24 CFR § 206.102 § 206.102 Insurance Funds.](https://www.frixlaw.com/law-library/statutes/ecfr-24-206.102.md)
- [24 CFR § 206.103 § 206.103 Payment of MIP.](https://www.frixlaw.com/law-library/statutes/ecfr-24-206.103.md)
- [24 CFR § 206.105 § 206.105 Amount of MIP.](https://www.frixlaw.com/law-library/statutes/ecfr-24-206.105.md)
- [24 CFR § 206.107 § 206.107 Mortgagee election of assignment or shared premium option.](https://www.frixlaw.com/law-library/statutes/ecfr-24-206.107.md)
- [24 CFR § 206.109 § 206.109 Amount of mortgagee share of premium.](https://www.frixlaw.com/law-library/statutes/ecfr-24-206.109.md)
- [24 CFR § 206.111 § 206.111 Due date of MIP.](https://www.frixlaw.com/law-library/statutes/ecfr-24-206.111.md)
- [24 CFR § 206.113 § 206.113 Late charge and interest.](https://www.frixlaw.com/law-library/statutes/ecfr-24-206.113.md)
- [24 CFR § 206.115 § 206.115 Insurance of mortgage.](https://www.frixlaw.com/law-library/statutes/ecfr-24-206.115.md)
- [24 CFR § 206.116 § 206.116 Refunds.](https://www.frixlaw.com/law-library/statutes/ecfr-24-206.116.md)
- [24 CFR § 206.117 § 206.117 General.](https://www.frixlaw.com/law-library/statutes/ecfr-24-206.117.md)
- [24 CFR § 206.121 § 206.121 Commissioner authorized to make payments.](https://www.frixlaw.com/law-library/statutes/ecfr-24-206.121.md)
- [24 CFR § 206.123 § 206.123 Claim procedures in general.](https://www.frixlaw.com/law-library/statutes/ecfr-24-206.123.md)
- [24 CFR § 206.125 § 206.125 Acquisition and sale of the property.](https://www.frixlaw.com/law-library/statutes/ecfr-24-206.125.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/ecfr-24-206.113. Check the current official text before relying on it. Not legal advice.