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Federal law — U.S. Code and appendices · legal_authorities
No fee or other cost may be imposed on any mortgagor with respect to the provision of any notice or information to the mortgagor pursuant to this chapter.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4906
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Source file: Laws/federal/codes/united-states-code/title-12/section-4906-fees-for-disclosures--74626f6ac9.md
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Source location: Title 12, Chapter 49, § 4906; chapter-049-homeowners-protection.md
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Federal law — U.S. Code and appendices · legal_authorities
In this chapter, the following definitions shall apply: (1) **Adjustable rate mortgage** — The term “adjustable rate mortgage” means a residential mortgage that has an interest rate that is subject to change. A residential mortgage that: (A) does not fully amortize over the term of the obligation; and (B) contains a conditional right to refinance or modify the unamortized principal at the maturity date of the term, shall be considered to be an adjustable rate mortgage for purposes of this chapter. (2) **Cancellation date** — The term “cancellation date” means— (A) with respect to a fixed rate mortgage, at the option of the mortgagor, the date on which the principal balance of the mortgage— (i) based solely on the initial amortization schedule for that mortgage, and irrespective of the outstanding balance for that mortgage on that date, is first scheduled to reach 80 percent of the original value of the property securing the loan; or (ii) based solely on actual payments, reaches 80 percent of the original value of the property securing the loan; and (B) with respect to an adjustable rate mortgage, at the option of the mortgagor, the date on which the principal balance of the mortgage— (i) based solely on the amortization schedule then in effect for that mortgage, and irrespective of the outstanding balance for that mortgage on that date, is first scheduled to reach 80 percent of the original value of the property securing the loan; or (ii) based solely on actual payments, first reaches 80 percent of the original value of the property securing the loan. (3) **Fixed rate mortgage** — The term “fixed rate mortgage” means a residential mortgage that has an interest rate that is not subject to change. (4) **Good payment history** — The term “good
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4901
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Federal law — U.S. Code and appendices · legal_authorities
Page 1772 TITLE 12—BANKS AND BANKING § 4906 cordance with section 4902(a) of this title, and could automatically terminate on the termination date in accordance with section 4902(b) of this title; (B) that lender paid mortgage insurance— (i) usually results in a residential mort- gage having a higher interest rate than it would in the case of borrower paid mort- gage insurance; and (ii) terminates only when the residential mortgage is refinanced (under the meaning given such term in the regulations issued by the Board of Governors of the Federal Reserve System to carry out the Truth in Lending Act (15 U.S.C. 1601 et seq.)), paid off, or otherwise terminated; and (C) that lender paid mortgage insurance and borrower paid mortgage insurance both have benefits and disadvantages, including a generic analysis of the differing costs and benefits of a residential mortgage in the case lender paid mortgage insurance versus borrower paid mortgage insurance over a 10- year period, assuming prevailing interest and property appreciation rates; (D) that lender paid mortgage insurance may be tax-deductible for purposes of Fed- eral income taxes, if the mortgagor itemizes expenses for that purpose; and (2) not later than 30 days after the termi- nation date that would apply in the case of borrower paid mortgage insurance, the servicer shall provide to the mortgagor a writ- ten notice indicating that the mortgagor may wish to review financing options that could eliminate the requirement for private mort- gage insurance in connection with the residen- tial mortgage transaction. (d) Standard forms The servicer of a residential mortgage trans- action may develop and use a standardized form or forms for the provision of notices to the mortgagor, as required
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 4906
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