12 1 clusive. To the extent that the order of the Joint Board is 2 affirmed, the court shall thereupon issue its own order com3 manding obedience to the terms of such order of the Joint 4 Board. If either party shall apply to the court for leave to 5 adduce additional evidence, and shall show to the satisfaction 6 of the court that such additional evidence is material and 7 that there were reasonable grounds for the failure to adduce 8 such evidence in the proceeding before the Joint Board the 9 court may order such additional evidence to be taken before 10 the Joint Board and to be adduced upon the hearing in such manner and upon such terms and conditions as to the court 11 12 13 may seem proper. The Joint Board may modify its findings as to the facts, or make new findings, by reason of the addi14 tional evidence so taken, and it shall file such modified or 15 new findings, which, if supported by evidence, shall be con16 clusive and its recommendation, if any, for the modification or setting aside of its original order, with the return of such 18 additional evidence. The judgment and decree of the court 19 shall be final, except that the same shall be subject to review 20 by the Supreme Court upon certiorari, as provided in section 21 1254 of title 28, United States Code. 4 SEC. 301. Any number of natural persons, who are citi 5 zens and residents of the United States, but not less than five, 6 may apply to the Joint Board for authority to establish a 7 mortgage insurance corporation, and at the time of such ap8 plication shall transmit to the Joint Board articles of associa9 tion, signed and sealed by each of the incorporators and 10 acknowledged before a judge of any court of record or a 11 notary public, which shall contain (1) the name of the as12 sociation, (2) the place where its principal office or place 13 of business is to be located, and (3) such information with 14 respect to its capital stock and its powers as the Joint Board 15 may by regulation require. If the Joint Board is of the 16 opinion that the incorporators transmitting the articles of 17 association are persons of good repute and the articles of 18 association meet the requirements of the Act, it shall issue or cause to be issued to such incorporators a certificate of ap20 proval, and the association shall become, as of the date of 19 14 1 issuance of such certificate, a body corporate by the name 2 set forth in its articles of association. 3 4 INSURANCE AUTHORIZATION SEC. 302. (a) Any mortgage insurance corporation or 5 ganized as provided in section 301 shall be authorized to(1) insure not less than 100 per centum of the un 6 7 8 9 10 11 paid principal and interest on loans in the form of obli gations secured by mortgages as hereinafter provided; and (2) establish, through action by its board of directors, an adequate insurance premium for such insurance 12 which shall be set, and the initial capital be allocated, 234 13 14 15 16 17 18 19 20 225 21. so that there shall be maintained at all times unimpaired capital, surplus, and undivided profits in an aggregate amount, upon the basis of market value, of not less than 5 percentum of the unpaid principal amounts of all outstanding contracts of mortgage insurance, and at least 50 per centum of the capital shall be invested in obligations of or guaranteed by the United States and the remainder in other obligations or securities approved by the Joint Board. All other funds shall be safely invested with due regard to the purpose of the corporation. (b) A loan insured by a mortgage insurance corpora25 tion organized under this title shall have a maximum 15 1 term not exceeding thirty years; shall be secured 2 by an amortized mortgage, deed of trust, or other such 3 instrument under the terms of which payments shall be made 4 in equal amounts from month to month and are sufficient to 5 (1) amortize the entire principal of the loan within the 6 period ending on the date of its maturity, (2) cover interest 7 applicable to each payment period, and (3) cover the pre8 mium applicable to each payment period; shall have a loan9 to-value ratio not exceeding 90 per centum of appraised 10 value as approved by the corporation or the sales price, 11 whichever is less; shall be in an amount not exceeding 12 $30,000; shall be on a one- to four-family residential prop13 erty, or on a one-family unit in a multifamily structure and 14 an undivided interest in the common areas and facilities 15 which serve the structure, which is or will be occupied in 16 whole or in part by the mortgagor; and shall be originated 17 and serviced by an organization approved by the mortgage 18 insurance corporation. 20 SEC. 303. (a) A mortgage insurance corporation orga21 nized under this title shall pay in cash without delay the 22 insurance claims of any applicant submitting appropriate 23 evidence of ownership of a defaulted loan insured under 24 authority conferred by this Act, but such payment shall not 25 be made until 1 2 3 4 5 6 བ 7 8 9 10 11 12 16 (1) there is a default in any payment of principal or interest on the loan or the insurance premium and such default has continued for a period of not less than ninety-one days; (2) the mortgagee conveys to the mortgage insurance corporation clear title to the property; and (3) the mortgagee assigns to the mortgage insurance corporation all claims of the mortgagee against the mortgagor or others arising out of the mortgage transaction, except such claims as may have been released with the consent of the Joint Board. (b) Such payment shall include interest and allowances 13 (including foreclosure costs) from time of default as ap14 proved under regulations of the Joint Board in effect at 15 the time the mortgage was insured. 16 17 SUCCESSION SEC. 304. Each mortgage insurance corporation organ 18 ized under this title shall have succession from the date of its 19 organization unless it is dissolved by act of its shareholders 20 or its franchise becomes forfeited by order of the Joint 21 Board.· 2223 23 GENERAL POWERS SEC. 305. Each mortgage insurance corporation created 24 under this title shall have power 25 (1) to adopt and use a corporate seal; |