266.606—Mortgage insurance premium: Duration and method of paying.
(a) Duration of payments.
Mortgage insurance premium payments must continue annually until one of the following occurs:
(1)
The mortgage is paid in full;
(2)
A deed to the HFA is filed for record;
(3)
An application for initial claim payment is received by the Commissioner; or
(4)
The Contract of Insurance is otherwise terminated.
(b) Method of payment.
The HFA shall pay any mortgage insurance premium required by this part in cash.