The Mortgagee may collect per diem interest from the disbursement date to the date amortization begins.
Alternatively, the Mortgagee may begin amortization up to 7 days prior to the disbursement date and provide a per diem interest credit.
Any per diem interest credit may not be used to meet the borrower’s minimum required investment (MRI).
Per diem interest must be computed using a factor of 1/365th of the annual rate.
For additional information see Handbook 4000.1 II.A.6.a.xii. at https://www.hud.gov/program_offices/administration/hudclips/handbooks/hsgh