California Code of Regulations
Title 10 - Investment
Chapter 5 - Insurance Commissioner
Subchapter 3 - Insurers
Article 10 - Mortgage Guaranty Insurers
Section 2510.13 - Substitution of Mortgage Loans

Any pool mortgage loans insured must be on a "closed end" basis and no substitution of mortgage loans will be allowed; provided, however, if a loan in the pool is paid in full by the borrower, within thirty (30) days after inception of the insurance policy another loan may be substituted to replace the original loan; the substituted mortgage loan must be made subject to underwriting and review by the mortgage guaranty insurer and be found acceptable to the insurer prior to being added to the pool.

1. New section filed 8-23-78; effective thirtieth day thereafter (Register 78, No. 34).