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12 U.S.C. § 3802 — Definitions
Federal law — U.S. Code and appendices · legal_authorities
As used in this chapter—
(1) the term “alternative mortgage transaction” means a loan or credit sale secured by an interest in residential real property, a dwelling, all stock allocated to a dwelling unit in a residential cooperative housing corporation, or a residential manufactured home (as that term is defined in [section 5402(6) of title 42](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section5402/6&num=0&edition=prelim)), in which the interest rate or finance charge may be adjusted or renegotiated, described and defined by applicable regulation; and
(2) the term “housing creditor” means—
(A) a depository institution, as defined in section 501(a)(2) of the Depository Institutions Deregulation and Monetary Control Act of 1980;
(B) a lender approved by the Secretary of Housing and Urban Development for participation in any mortgage insurance program under the National Housing Act [[12 U.S.C. 1701](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1701&num=0&edition=prelim) et seq.];
(C) any person who regularly makes loans, credit sales, or advances secured by interests in properties referred to in paragraph (1); or
(D) any transferee of any of them.
A person is not a “housing creditor” with respect to a specific alternative mortgage transaction if, except for this chapter, in order to enter into that transaction, the person would be required to comply with licensing requirements imposed under State law, unless such person is licensed under applicable State law and such person remains, or becomes, subject to the applicable regulatory requirements and enforcement mechanisms provided by State law.
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Source location: Title 12, Chapter 39, § 3802; chapter-039-alternative-mortgage-transactions.md
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As used in this chapter—
(1) the term “alternative mortgage transaction” means a loan or credit sale secured by an interest in residential real property, a dwelling, all stock allocated to a dwelling unit in a residential cooperative housing corporation, or a residential manufactured home (as that term is defined in [section 5402(6) of title 42](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section5402/6&num=0&edition=prelim)), in which the interest rate or finance charge may be adjusted or renegotiated, described and defined by applicable regulation; and
(2) the term “housing creditor” means—
(A) a depository institution, as defined in section 501(a)(2) of the Depository Institutions Deregulation and Monetary Control Act of 1980;
(B) a lender approved by the Secretary of Housing and Urban Development for participation in any mortgage insurance program under the National Housing Act [[12 U.S.C. 1701](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1701&num=0&edition=prelim) et seq.];
(C) any person who regularly makes loans, credit sales, or advances secured by interests in properties referred to in paragraph (1); or
(D) any transferee of any of them.
A person is not a “housing creditor” with respect to a specific alternative mortgage transaction if, except for this chapter, in order to enter into that transaction, the person would be required to comply with licensing requirements imposed under State law, unless such person is licensed under applicable State law and such person remains, or becomes, subject to the applicable regulatory requirements and enforcement mechanisms provided by State law.
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** The Congress hereby finds that—
(1) increasingly volatile and dynamic changes in interest rates have seriously impared 11 So in original. Probably should be “impaired”. the ability of housing creditors to provide consumers with fixed-term, fixed-rate credit secured by interests in real property, cooperative housing, manufactured homes, and other dwellings;
(2) alternative mortgage transactions are essential to the provision of an adequate supply of credit secured by residential property necessary to meet the demand expected during the 1980’s; and
(3) the Comptroller of the Currency, the National Credit Union Administration, and the Director of the Office of Thrift Supervision have recognized the importance of alternative mortgage transactions and have adopted regulations authorizing federally chartered depository institutions to engage in alternative mortgage financing.
**(b)** It is the purpose of this chapter to eliminate the discriminatory impact that those regulations have upon nonfederally chartered housing creditors and provide them with parity with federally chartered institutions by authorizing all housing creditors to make, purchase, and enforce alternative mortgage transactions so long as the transactions are in conformity with the regulations issued by the Federal agencies.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 3801
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General authority; compliance by banks, credit unions and all other housing creditors with applicable regulations** In order to prevent discrimination against State-chartered depository institutions, and other nonfederally chartered housing creditors, with respect to making, purchasing, and enforcing alternative mortgage transactions, housing creditors may make, purchase, and enforce alternative mortgage transactions, except that this section shall apply—
(1) with respect to banks, only to transactions made on or before the designated transfer date, as determined under section 1062 of the Consumer Financial Protection Act of 2010 [[12 U.S.C. 5582](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5582&num=0&edition=prelim)], in accordance with regulations governing alternative mortgage transactions as issued by the Comptroller of the Currency for national banks, to the extent that such regulations are authorized by rulemaking authority granted to the Comptroller of the Currency with regard to national banks under laws other than this section;
(2) with respect to credit unions, only to transactions made on or before the designated transfer date, as determined under section 1062 of the Consumer Financial Protection Act of 2010, in accordance with regulations governing alternative mortgage transactions as issued by the National Credit Union Administration Board for Federal credit unions, to the extent that such regulations are authorized by rulemaking authority granted to the National Credit Union Administration with regard to Federal credit unions under laws other than this section;
(3) with respect to all other housing creditors, including without limitation, savings and loan associations, mutual savings banks, and savings banks, only t
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Purpose** The purpose of this section is to ensure that the Bureau—
(1) has an orderly and organized startup;
(2) attracts and retains a qualified workforce; and
(3) establishes comprehensive employee training and benefits programs.
**(b) Reporting requirement**
(1) **In general** — The Bureau shall submit an annual report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives that includes the plans described in paragraph (2).
(2) **Plans** — The plans described in this paragraph are as follows:
(A) *Training and workforce development plan* — The Bureau shall submit a training and workforce development plan that includes, to the extent practicable—
(i) identification of skill and technical expertise needs and actions taken to meet those requirements;
(ii) steps taken to foster innovation and creativity;
(iii) leadership development and succession planning; and
(iv) effective use of technology by employees.
(B) *Workplace flexibilities plan* — The Bureau shall submit a workforce flexibility plan that includes, to the extent practicable—
(i) telework;
(ii) flexible work schedules;
(iii) phased retirement;
(iv) reemployed annuitants;
(v) part-time work;
(vi) job sharing;
(vii) parental leave benefits and childcare assistance;
(viii) domestic partner benefits;
(ix) other workplace flexibilities; or
(x) any combination of the items described in clauses (i) through (ix).
(C) *Recruitment and retention plan* — The Bureau shall submit a recruitment and retention plan that includes, to the extent practicable, provisions relating to—
(i) the steps necessary to target highly qualified applicant pools
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** The Secretary of Housing and Urban Development shall collect and maintain information regarding early defaults on mortgages as provided under this section. The Secretary shall make such information available for public inspection upon request. Information shall be collected quarterly with respect to each applicable collection period (as such term is defined in subsection (c)) and shall be available for inspection not more than 30 days after the conclusion of the calendar quarter relating to each such period. Information shall first be made available under this section for the applicable collection period relating to the first calendar quarter ending more than 180 days after November 28, 1990.
**(b) Contents**
(1) **Mortgage lender analysis** — Information collected under this section shall include, for each lender originating mortgages during the applicable collection period that are insured pursuant to [section 1709 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1709&num=0&edition=prelim) and secured by property in a designated census tract, the following information with respect to such mortgages:
(A) The name of the lender and the number of each designated census tract in which the lender originated 1 or more such mortgages during the applicable collection period.
(B) The total number of such mortgages originated by such lender during the applicable collection period in each designated census tract and the number of mortgages originated each year in each designated census tract.
(C) The total number of defaults and foreclosures on such mortgages during the applicable collection period in each designated census tract and the number of defaults and foreclosures in each designated census tract in
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general**
(1) **Rule of construction** — This title,11 See References in Text note below. other than sections 1044 through 1048,1 may not be construed as annulling, altering, or affecting, or exempting any person subject to the provisions of this title 1 from complying with, the statutes, regulations, orders, or interpretations in effect in any State, except to the extent that any such provision of law is inconsistent with the provisions of this title,1 and then only to the extent of the inconsistency.
(2) **Greater protection under State law** — For purposes of this subsection, a statute, regulation, order, or interpretation in effect in any State is not inconsistent with the provisions of this title 1 if the protection that such statute, regulation, order, or interpretation affords to consumers is greater than the protection provided under this title.1 A determination regarding whether a statute, regulation, order, or interpretation in effect in any State is inconsistent with the provisions of this title 1 may be made by the Bureau on its own motion or in response to a nonfrivolous petition initiated by any interested person.
**(b) Relation to other provisions of enumerated consumer laws that relate to State law** No provision of this title,1 except as provided in section 1083,1 shall be construed as modifying, limiting, or superseding the operation of any provision of an enumerated consumer law that relates to the application of a law in effect in any State with respect to such Federal law.
**(c) Additional consumer protection regulations in response to State action**
(1) **Notice of proposed rule required** — The Bureau shall issue a notice of proposed rulemaking whenever a majority of the States has enacted a resolution in support of the establishment
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Federal law — U.S. Code and appendices · legal_authorities
Page 424
TITLE 12—BANKS AND BANKING
§ 1701
Sec.
1735f–6.
Secondary mortgages held by State or
local governmental agency on insured
properties.
1735f–7.
Exemption from State usury laws; appli-
cability.
1735f–7a.
State constitution or laws limiting
mortgage interest, discount points,
and finance or other charges; exemp-
tion for obligations made after March
31, 1980.
1735f–8.
Time of payment of premium charges.
1735f–9.
Limitation on commitments to insure
loans and mortgages.
1735f–10.
Change of mortgagee status.
1735f–11.
Review of mortgagee performance and
authority to terminate.
1735f–12.
Assurance of adequate processing of ap-
plications for loan and mortgage insur-
ance.
1735f–13.
Prohibition of requirement of minimum
principal loan amount.
1735f–14.
Civil money penalties against mortga-
gees, lenders, and other participants in
FHA programs.
1735f–15.
Civil money penalties against multi-
family mortgagors.
1735f–16.
Annual audited financial statements.
1735f–17.
Examinations and sanctions for certain
violations.
1735f–18.
Information regarding early defaults and
foreclosures on insured mortgages.
1735f–19.
Partial payment of claims on defaulted
mortgages and in connection with
mortgage restructuring.
1735f–20.
Authorization of appropriations for Gen-
eral and Special Risk Insurance Funds.
1735g.
Mortgage relief for homeowners who are
unemployed as result of closing of Fed-
eral installation.
1735h.
Repealed.
SUBCHAPTER VI—WAR HOUSING INSURANCE
1736.
Definitions.
1737.
Repealed.
1738.
Insurance of mortgages.
1739.
Mortgage insurance benefits.
1740.
Repealed.
1741.
State taxation of realty held by Sec-
retary.
1742.
Rules and regulations.
1743.
Insurance of mortgages.
1744.
Insurance of loans for man
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 1701
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Federal law — U.S. Code and appendices · legal_authorities
Page 1571
TITLE 12—BANKS AND BANKING
§ 3803
ment of this title [Oct. 15, 1982], the Comptroller of the
Currency, the National Credit Union Administration,
and the Federal Home Loan Bank Board shall identify,
describe, and publish those portions or provisions of
their respective regulations that are inappropriate for
(and thus inapplicable to), or that need to be conformed
for the use of, the nonfederally chartered housing credi-
tors to which their respective regulations apply, in-
cluding without limitation, making necessary changes
in terminology to conform the regulatory and disclo-
sure provisions to those more typically associated with
various types of transactions including credit sales.’’
§ 3802. Definitions
As used in this chapter—
(1) the term ‘‘alternative mortgage trans-
action’’ means a loan or credit sale secured by
an interest in residential real property, a
dwelling, all stock allocated to a dwelling unit
in a residential cooperative housing corpora-
tion, or a residential manufactured home (as
that term is defined in section 5402(6) of title
42), in which the interest rate or finance
charge may be adjusted or renegotiated, de-
scribed and defined by applicable regulation;
and
(2) the term ‘‘housing creditor’’ means—
(A) a depository institution, as defined in
section 501(a)(2) of the Depository Institu-
tions Deregulation and Monetary Control
Act of 1980;
(B) a lender approved by the Secretary of
Housing and Urban Development for partici-
pation in any mortgage insurance program
under the National Housing Act [12 U.S.C.
1701 et seq.];
(C) any person who regularly makes loans,
credit sales, or advances secured by interests
in properties referred to in paragraph (1); or
(D) any transferee of any of them.
A person is not a ‘‘housi
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 3802
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