Page:United States Statutes at Large Volume 97.djvu/1243

 PUBLIC LAW 98-181—NOV. 30, 1983 97 STAT. 1211 (1) by striking out "promptly upon their receipt from the borrower" and inserting in lieu thereof the following: (1) in the case of loans or mortgages respecting one- to four-family resi- dences, promptly upon their receipt from the borrower, and (2) in any other case, promptly when due to the Secretary"; (2) by inserting "or due date, as appropriate," after "such receipt"; and (3) by inserting "or after the due date, as appropriate," before "and ending". MORTGAGE INSURANCE FOR AMERICAN SAMOA SEC. 407. (a) Section 9 of the National Housing Act is amended by 12 USC 1706d. inserting "American Samoa," after "the Trust Territory of the Pacific Islands,". (b) Section 201(d) of such Act is amended by inserting "American 12 USC 1707. Samoa," after "the Trust Territory of the Pacific Islands,". (c) Section 207(a)(7) of such Act is amended by inserting "Ameri- 12 USC 1713. can Samoa," after "the Trust Territory of the Pacific Islands,". ASSIGNMENT OF SECTION 221(g)(4) MORTGAGES TO GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SEC. 408. Section 221(g)(4) of the National Housing Act is amended 12 USC 1715Z. by inserting "(A)" after the paragraph designation and by adding the following new subparagraph at the end thereof: "(B) In processing a claim for insurance benefits under this para- graph, the Secretary may direct the mortgagee to assign, transfer, and deliver the original credit instrument and the mortgage secur- ing it directly to the Government National Mortgage Association in lieu of assigning, transferring, and delivering the credit instrument and the mortgage to the Secretary. Upon the assignment, transfer, and delivery of the credit instrument and the mortgage to the Association, the mortgage insurance contract shall terminate and the mortgagee shall receive insurance benefits as provided in sub- paragraph (A). The Association is authorized to accept such loan documents in its own name and to hold, service, and sell such loans as agent for the Secretary. The mortgagor's obligation to pay a service charge in lieu of a mortgage insurance premium shall continue as long as the mortgage is held by the Association or by the Secretary. The Secretary shall have the same authority with respect to mortgages assigned to the Secretary or the Association under this subparagraph as provided by section 223(c).". 12 USC 1715n. Contract termination. TERMINATION OF SECTTION 221 BUY-BACK PROVISION SEC. 409. The first sentence of section 221(g)(4)(A) of the National Housing Act, as redesignated by section 408 of this Act, is amended by inserting after "this section" the following: "pursuant to a commitment to insure entered into before the effective date of this clause". 12 USC 1715/.

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