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38 U.S.C. § 3707A — Hybrid adjustable rate mortgages
Federal law — U.S. Code and appendices · legal_authorities
**(a)** The Secretary shall carry out a project under this section for the purpose of guaranteeing loans in a manner similar to the manner in which the Secretary of Housing and Urban Development insures adjustable rate mortgages under section 251 of the National Housing Act in accordance with the provisions of this section with respect to hybrid adjustable rate mortgages described in subsection (b).
**(b)** Adjustable rate mortgages that are guaranteed under this section shall be adjustable rate mortgages (commonly referred to as “hybrid adjustable rate mortgages”) having interest rate adjustment provisions that—
(1) specify an initial rate of interest that is fixed for a period of not less than the first three years of the mortgage term;
(2) provide for an initial adjustment in the rate of interest by the mortgagee at the end of the period described in paragraph (1); and
(3) comply in such initial adjustment, and any subsequent adjustment, with subsection (c).
**(c)** Interest rate adjustment provisions of a mortgage guaranteed under this section shall—
(1) correspond to a specified national interest rate index approved by the Secretary, information on which is readily accessible to mortgagors from generally available published sources;
(2) be made by adjusting the monthly payment on an annual basis;
(3) in the case of the initial contract interest rate adjustment—
(A) if the initial contract interest rate remained fixed for less than 5 years, be limited to a maximum increase or decrease of 1 percentage point; or
(B) if the initial contract interest rate remained fixed for 5 years or more, be limited to a maximum increase or decrease of such percentage point or points as the Secretary may prescribe;
(4) in the case of any single annual interest rate adju
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Source file: Laws/federal/codes/united-states-code/title-38/section-3707a-hybrid-adjustable-rate-mortgages--cd99d3cbd5.md
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Source location: Title 38, Chapter 37, § 3707A; chapter-037-housing-and-small-business-loans.md
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**(a)** The Secretary shall carry out a project under this section for the purpose of guaranteeing loans in a manner similar to the manner in which the Secretary of Housing and Urban Development insures adjustable rate mortgages under section 251 of the National Housing Act in accordance with the provisions of this section with respect to hybrid adjustable rate mortgages described in subsection (b).
**(b)** Adjustable rate mortgages that are guaranteed under this section shall be adjustable rate mortgages (commonly referred to as “hybrid adjustable rate mortgages”) having interest rate adjustment provisions that—
(1) specify an initial rate of interest that is fixed for a period of not less than the first three years of the mortgage term;
(2) provide for an initial adjustment in the rate of interest by the mortgagee at the end of the period described in paragraph (1); and
(3) comply in such initial adjustment, and any subsequent adjustment, with subsection (c).
**(c)** Interest rate adjustment provisions of a mortgage guaranteed under this section shall—
(1) correspond to a specified national interest rate index approved by the Secretary, information on which is readily accessible to mortgagors from generally available published sources;
(2) be made by adjusting the monthly payment on an annual basis;
(3) in the case of the initial contract interest rate adjustment—
(A) if the initial contract interest rate remained fixed for less than 5 years, be limited to a maximum increase or decrease of 1 percentage point; or
(B) if the initial contract interest rate remained fixed for 5 years or more, be limited to a maximum increase or decrease of such percentage point or points as the Secretary may prescribe;
(4) in the case of any single annual interest rate adjustment after the initial contract interest rate adjustment, be limited to a maximum increase or decrease of such percentage points as the Secretary may prescribe; and
(5) be limited, over the term of the mortgage, to a maximum increase of such number of percentage points as the Secretary shall prescribe for purposes of this section.
**(d)** The Secretary shall promulgate underwriting standards for loans guaranteed under this section, taking into account—
(1) the status of the interest rate index referred to in subsection (c)(1) and available at the time an underwriting decision is made, regardless of the actual initial rate offered by the lender;
(2) the maximum and likely amounts of increases in mortgage payments that the loans would require;
(3) the underwriting standards applicable to adjustable rate mortgages insured under title II of the National Housing Act; and
(4) such other factors as the Secretary finds appropriate.
**(e)** The Secretary shall require that the mortgagee make available to the mortgagor, at the time of loan application, a written explanation of the features of the adjustable rate mortgage, including a hypothetical payment schedule that displays the maximum potential increases in monthly payments to the mortgagor over the first five years of the mortgage term.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Supplemental system; limitation on amount; termination of authority** To assist in providing adequate housing for families of low and moderate income, particularly in suburban and outlying areas, this section is designed to supplement systems of mortgage insurance under other provisions of this chapter by making feasible the insurance of mortgages covering properties in areas where it is not practicable to obtain conformity with many of the requirements essential to the insurance of mortgages on housing in built-up urban areas. The Secretary is authorized, upon application by the mortgagee, to insure, as hereinafter provided, any mortgage (as defined in [section 1707 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1707&num=0&edition=prelim)) offered to him which is eligible for insurance as hereinafter provided, and, upon such terms as the Secretary may prescribe, to make commitments for the insuring of such mortgages prior to the date of their execution or disbursement thereon: Provided, That the aggregate amount of principal obligations of all mortgages insured under this section and outstanding at any one time shall not exceed $100,000,000, except that with the approval of the President such aggregate amount may be increased at any time or times by additional amounts aggregating not more than $150,000,000 upon a determination by the President, taking into account the general effect of any such increase upon conditions in the building industry and upon the national economy, that such increase is in the public interest: And provided further, That no mortgage shall be insured under this section after August 2, 1954, except pursuant to a commitment to insure issued on or before such date.
**(b) Eligibility conditions** To
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1715z–16
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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
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1701
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Federal law — U.S. Code and appendices · legal_authorities
Page 893
TITLE 38—VETERANS’ BENEFITS
§ 3707A
teeing loans in a manner similar to the manner
in which the Secretary of Housing and Urban
Development insures adjustable rate mortgages
under section 251 of the National Housing Act.
(b) Interest rate adjustment provisions of a
mortgage guaranteed under this section shall—
(1) correspond to a specified national inter-
est rate index approved by the Secretary, in-
formation on which is readily accessible to
mortgagors from generally available published
sources;
(2) be made by adjusting the monthly pay-
ment on an annual basis;
(3) be limited, with respect to any single an-
nual interest rate adjustment, to a maximum
increase or decrease of 1 percentage point; and
(4) be limited, over the term of the mort-
gage, to a maximum increase of 5 percentage
points above the initial contract interest rate.
(c) The Secretary shall promulgate under-
writing standards for loans guaranteed under
this section, taking into account—
(1) the status of the interest rate index re-
ferred to in subsection (b)(1) and available at
the time an underwriting decision is made, re-
gardless of the actual initial rate offered by
the lender;
(2) the maximum and likely amounts of in-
creases in mortgage payments that the loans
would require;
(3) the underwriting standards applicable to
adjustable rate mortgages insured under title
II of the National Housing Act; and
(4) such other factors as the Secretary finds
appropriate.
(d) The Secretary shall require that the mort-
gagee make available to the mortgagor, at the
time of loan application, a written explanation
of the features of the adjustable rate mortgage,
including a hypothetical payment schedule that
displays the maximum potential increases in
monthly payments to the mortg
Source: Supplied 2024 U.S. Code historical extraction · 38 U.S.C. § 3707A
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