§ 2510.14. Assumption or Substitution of Borrowers.
10 CA ADC § 2510.14Barclays Official California Code of Regulations
10 CCR § 2510.14
§ 2510.14. Assumption or Substitution of Borrowers.
Assumption without the release of the original borrower is permitted. Any assumption that leads to the release of the original borrower and substitution of a new borrower shall be considered a termination of the insurance coverage extended under the pool insurance policy as to that particular loan unless all of the following conditions are met:
(g) No substitution mortgage loan in any one pool shall remain covered under the pool insurance policy if its remaining principal balance at the time the substitution occurs, when added to the then current remaining principal balances of all previously substituted mortgage loans, exceeds the unexhausted and available aggregate ceiling of loss under the same pool insurance policy at the time of such calculation.
Credits
History
1. New section filed 8-23-78; effective thirtieth day thereafter (Register 78, No. 34).
This database is current through 5/24/24 Register 2024, No. 21.
Cal. Admin. Code tit. 10, § 2510.14, 10 CA ADC § 2510.14
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