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12 U.S.C. § 4901 — Definitions
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
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Source location: Title 12, Chapter 49, § 4901; chapter-049-homeowners-protection.md
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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 payment history” means, with respect to a mortgagor, that the mortgagor has not—
(A) made a mortgage payment that was 60 days or longer past due during the 12-month period beginning 24 months before the later of (i) the date on which the mortgage reaches the cancellation date, or (ii) the date that the mortgagor submits a request for cancellation under [section 4902(a)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4902/a/1&num=0&edition=prelim); or
(B) made a mortgage payment that was 30 days or longer past due during the 12-month period preceding the later of (i) the date on which the mortgage reaches the cancellation date, or (ii) the date that the mortgagor submits a request for cancellation under [section 4902(a)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4902/a/1&num=0&edition=prelim).
(5) **Initial amortization schedule** — The term “initial amortization schedule” means a schedule established at the time at which a residential mortgage transaction is consummated with respect to a fixed rate mortgage, showing—
(A) the amount of principal and interest that is due at regular intervals to retire the principal balance and accrued interest over the amortization period of the loan; and
(B) the unpaid principal balance of the loan after each scheduled payment is made.
(6) **Amortization schedule then in effect** — The term “amortization schedule then in effect” means, with respect to an adjustable rate mortgage, a schedule established at the time at which the residential mortgage transaction is consummated or, if such schedule has been changed or recalculated, is the most recent schedule under the terms of the note or mortgage, which shows—
(A) the amount of principal and interest that is due at regular intervals to retire the principal balance and accrued interest over the remaining amortization period of the loan; and
(B) the unpaid balance of the loan after each such scheduled payment is made.
(7) **Midpoint of the amortization period** — The term “midpoint of the amortization period” means, with respect to a residential mortgage transaction, the point in time that is halfway through the period that begins upon the first day of the amortization period established at the time a residential mortgage transaction is consummated and ends upon the completion of the entire period over which the mortgage is scheduled to be amortized.
(8) **Mortgage insurance** — The term “mortgage insurance” means insurance, including any mortgage guaranty insurance, against the nonpayment of, or default on, an individual mortgage or loan involved in a residential mortgage transaction.
(9) **Mortgage insurer** — The term “mortgage insurer” means a provider of private mortgage insurance, as described in this chapter, that is authorized to transact such business in the State in which the provider is transacting such business.
(10) **Mortgagee** — The term “mortgagee” means the holder of a residential mortgage at the time at which that mortgage transaction is consummated.
(11) **Mortgagor** — The term “mortgagor” means the original borrower under a residential mortgage or his or her successors or assignees.
(12) **Original value** — The term “original value”, with respect to a residential mortgage transaction, means the lesser of the sales price of the property securing the mortgage, as reflected in the contract, or the appraised value at the time at which the subject residential mortgage transaction was consummated. In the case of a residential mortgage transaction for refinancing the principal residence of the mortgagor, such term means only the appraised value relied upon by the mortgagee to approve the refinance transaction.
(13) **Private mortgage insurance** — The term “private mortgage insurance” means mortgage insurance other than mortgage insurance made available 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.], title 38, or title V of the Housing Act of 1949 [[42 U.S.C. 1471](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1471&num=0&edition=prelim) et seq.].
(14) **Residential mortgage** — The term “residential mortgage” means a mortgage, loan, or other evidence of a security interest created with respect to a single-family dwelling that is the principal residence of the mortgagor.
(15) **Residential mortgage transaction** — The term “residential mortgage transaction” means a transaction consummated on or after the date that is 1 year after July 29, 1998, in which a mortgage, deed of trust, purchase money security interest arising under an installment sales contract, or equivalent consensual security interest is created or retained against a single-family dwelling that is the principal residence of the mortgagor to finance the acquisition, initial construction, or refinancing of that dwelling.
(16) **Servicer** — The term “servicer” has the same meaning as in [section 2605(i)(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2605/i/2&num=0&edition=prelim), with respect to a residential mortgage.
(17) **Single-family dwelling** — The term “single-family dwelling” means a residence consisting of 1 family dwelling unit.
(18) **Termination date** — The term “termination date” means—
(A) with respect to a fixed rate mortgage, the date on which the principal balance of the mortgage, 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 78 percent of the original value of the property securing the loan; and
(B) with respect to an adjustable rate mortgage, the date on which the principal balance of the mortgage, 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 78 percent of the original value of the property securing the loan.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Purpose** The purpose of this section is to provide homeownership and rental housing opportunities for very low-income, low-income, and moderate-income families.
**(b) Funding and limitations of program**
(1) **Duration of program** — The provisions of this section shall be effective, subject to the provisions of paragraph (2), only during the 3-year period beginning upon the commencement of the first fiscal year for which amounts are provided pursuant to paragraph (2)(A).
(2) **Annual fiscal limitations**
(A) *In general* — In each fiscal year during the 3-year period referred to in paragraph (1), the provisions of this section shall apply only—
(i) to such extent or in such amounts as are provided in appropriations Acts for any losses resulting during the fiscal year from the sale of properties under this section, except that such amounts for losses may not exceed $30,000,000 in any fiscal year; and
(ii) to the extent that amounts are provided in appropriations Acts pursuant to subparagraph (C) for any other costs relating to the program under this section.
(B) *Definition of losses* — For purposes of this paragraph, the amount of losses resulting from the sale of properties under this section during any fiscal year shall be the amount equal to the sum of any affordable housing discounts reasonably anticipated to accrue during the fiscal year.
(C) *Authorization of appropriations* — There are authorized to be appropriated, for each fiscal year during the 3-year period referred to in paragraph (1), such sums as may be necessary for any costs of the program under this section other than losses resulting from the sale of properties under this section.
(D) *Other definitions* — For purposes of this paragraph:
(i) *Affordable housing dis
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1831q
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Authorization and purposes of assistance** The Secretary of Agriculture (hereinafter referred to as the “Secretary”) is authorized, subject to the terms and conditions of this subchapter, to extend financial assistance, through the Farmers Home Administration, (1) to owners of farms in the United States and in the Territories of Alaska and Hawaii and in the Commonwealth of Puerto Rico, the Virgin Islands, the territories and possessions of the United States, and the Trust Territory of the Pacific Islands, to enable them to construct, improve, alter, repair, or replace dwellings and other farm buildings on their farms, and to purchase buildings and land constituting a minimum adequate site, in order to provide them, their tenants, lessees, sharecroppers, and laborers with decent, safe, and sanitary living conditions and adequate farm buildings as specified in this subchapter, and (2) to owners of other real estate in rural areas for the construction, improvement, alteration, or repair of dwellings, related facilities, and farm buildings and to rural residents, including persons who reside in reservations or villages of Indian tribes, for such purposes and for the purchase of buildings and the purchase of land constituting a minimum adequate site, in order to enable them to provide dwellings and related facilities for their own use and buildings adequate for their farming operations, and (3) to elderly or handicapped persons or families who are or will be the owners of land in rural areas for the construction, improvement, alteration, or repair of dwellings and related facilities, the purchase of dwellings and related facilities and the purchase of land constituting a minimum adequate site, in order to provide them with adequate dwellings and related facilities for
Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 1471
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Federal law — U.S. Code and appendices · legal_authorities
The Congress declares that the general welfare and security of the Nation and the health and living standards of its people require housing production and related community development sufficient to remedy the serious housing shortage, the elimination of substandard and other inadequate housing through the clearance of slums and blighted areas, and the realization as soon as feasible of the goal of a decent home and a suitable living environment for every American family, thus contributing to the development and redevelopment of communities and to the advancement of the growth, wealth, and security of the Nation. The Congress further declares that such production is necessary to enable the housing industry to make its full contribution toward an economy of maximum employment, production, and purchasing power. The policy to be followed in attaining the national housing objective established shall be: (1) private enterprise shall be encouraged to serve as large a part of the total need as it can; (2) governmental assistance shall be utilized where feasible to enable private enterprise to serve more of the total need; (3) appropriate local public bodies shall be encouraged and assisted to undertake positive programs of encouraging and assisting the development of well-planned, integrated residential neighborhoods, the development and redevelopment of communities, and the production, at lower costs, of housing of sound standards of design, construction, livability, and size for adequate family life; (4) governmental assistance to eliminate substandard and other inadequate housing through the clearance of slums and blighted areas, to facilitate community development and redevelopment, and to provide adequate housing for urban and rural nonfarm families with incomes so low th
Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 1441
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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
**(a) Academic and award year**
(1) For the purpose of any program under this subchapter, the term “award year” shall be defined as the period beginning July 1 and ending June 30 of the following year.
(2)
(A) For the purpose of any program under this subchapter, the term “academic year” shall—
(i) require a minimum of 30 weeks of instructional time for a course of study that measures its program length in credit hours; or
(ii) require a minimum of 26 weeks of instructional time for a course of study that measures its program length in clock hours; and
(iii) require an undergraduate course of study to contain an amount of instructional time whereby a full-time student is expected to complete at least—
(I) 24 semester or trimester hours or 36 quarter credit hours in a course of study that measures its program length in credit hours; or
(II) 900 clock hours in a course of study that measures its program length in clock hours.
(B) The Secretary may reduce such minimum of 30 weeks to not less than 26 weeks for good cause, as determined by the Secretary on a case-by-case basis, in the case of an institution of higher education that provides a 2-year or 4-year program of instruction for which the institution awards an associate or baccalaureate degree and that measures program length in credit hours or clock hours.
**(b) Eligible program**
(1) For purposes of this subchapter, the term “eligible program” means a program of at least—
(A) 600 clock hours of instruction, 16 semester hours, or 24 quarter hours, offered during a minimum of 15 weeks, in the case of a program that—
(i) provides a program of training to prepare students for gainful employment in a recognized profession; and
(ii) admits students who have not completed
Source: Supplied U.S. Code snapshot — release unconfirmed · 20 U.S.C. § 1088
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Borrower cancellation** A requirement for private mortgage insurance in connection with a residential mortgage transaction shall be canceled on the cancellation date or any later date that the mortgagor fulfills all of the requirements under paragraphs (1) through (4), if the mortgagor—
(1) submits a request in writing to the servicer that cancellation be initiated;
(2) has a good payment history with respect to the residential mortgage;
(3) is current on the payments required by the terms of the residential mortgage transaction; and
(4) has satisfied any requirement of the holder of the mortgage (as of the date of a request under paragraph (1)) for—
(A) evidence (of a type established in advance and made known to the mortgagor by the servicer promptly upon receipt of a request under paragraph (1)) that the value of the property securing the mortgage has not declined below the original value of the property; and
(B) certification that the equity of the mortgagor in the residence securing the mortgage is unencumbered by a subordinate lien.
**(b) Automatic termination** A requirement for private mortgage insurance in connection with a residential mortgage transaction shall terminate with respect to payments for that mortgage insurance made by the mortgagor—
(1) on the termination date if, on that date, the mortgagor is current on the payments required by the terms of the residential mortgage transaction; or
(2) if the mortgagor is not current on the termination date, on the first day of the first month beginning after the date that the mortgagor becomes current on the payments required by the terms of the residential mortgage transaction.
**(c) Final termination** If a requirement for private mortgage insurance is not otherwise canceled or terminated i
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4902
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Disclosures for new mortgages at time of transaction**
(1) **Disclosures for non-exempted transactions** — In any case in which private mortgage insurance is required in connection with a residential mortgage transaction (other than a residential mortgage transaction described in [section 4902(g)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4902/g/1&num=0&edition=prelim)), at the time at which the transaction is consummated, the mortgagee shall provide to the mortgagor—
(A) if the transaction relates to a fixed rate mortgage—
(i) a written initial amortization schedule; and
(ii) written notice—
(I) that the mortgagor may cancel the requirement in accordance with [section 4902(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4902/a&num=0&edition=prelim) indicating the date on which the mortgagor may request cancellation, based solely on the initial amortization schedule;
(II) that the mortgagor may request cancellation in accordance with [section 4902(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4902/a&num=0&edition=prelim) earlier than provided for in the initial amortization schedule, based on actual payments;
(III) that the requirement for private mortgage insurance will automatically terminate on the termination date in accordance with [section 4902(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4902/b&num=0&edition=prelim), and what that termination date is with respect to that mortgage; and
(IV) that there are exemptions to the right to cancellation and automatic termination of a requirement for private mortgage insurance in accord
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4903
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** Not later than 30 days after the date of cancellation or termination of a private mortgage insurance requirement in accordance with this chapter, the servicer shall notify the mortgagor in writing—
(1) that the private mortgage insurance has terminated and that the mortgagor no longer has private mortgage insurance; and
(2) that no further premiums, payments, or other fees shall be due or payable by the mortgagor in connection with the private mortgage insurance.
**(b) Notice of grounds**
(1) **In general** — If a servicer determines that a mortgage did not meet the requirements for termination or cancellation of private mortgage insurance under subsection (a) or (b) of [section 4902 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4902&num=0&edition=prelim), the servicer shall provide written notice to the mortgagor of the grounds relied on to make the determination (including the results of any appraisal used to make the determination).
(2) **Timing** — Notice required by paragraph (1) shall be provided—
(A) with respect to cancellation of private mortgage insurance under [section 4902(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4902/a&num=0&edition=prelim), not later than 30 days after the later of—
(i) the date on which a request is received under [section 4902(a)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4902/a/1&num=0&edition=prelim); or
(ii) the date on which the mortgagor satisfies any evidence and certification requirements under section 4902(a)(3) 11 See References in Text note below. of this title; and
(B) with respect to termination of private mortgage insurance under [section
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4904
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Definitions** For purposes of this section—
(1) the term “borrower paid mortgage insurance” means private mortgage insurance that is required in connection with a residential mortgage transaction, payments for which are made by the borrower;
(2) the term “lender paid mortgage insurance” means private mortgage insurance that is required in connection with a residential mortgage transaction, payments for which are made by a person other than the borrower; and
(3) the term “loan commitment” means a prospective mortgagee’s written confirmation of its approval, including any applicable closing conditions, of the application of a prospective mortgagor for a residential mortgage loan.
**(b) Exclusion** Sections 4902 through 4904 of this title do not apply in the case of lender paid mortgage insurance.
**(c) Notices to mortgagor** In the case of lender paid mortgage insurance that is required in connection with a residential mortgage transaction—
(1) not later than the date on which a loan commitment is made for the residential mortgage transaction, the prospective mortgagee shall provide to the prospective mortgagor a written notice—
(A) that lender paid mortgage insurance differs from borrower paid mortgage insurance, in that lender paid mortgage insurance may not be canceled by the mortgagor, while borrower paid mortgage insurance could be cancelable by the mortgagor in accordance with [section 4902(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4902/a&num=0&edition=prelim), and could automatically terminate on the termination date in accordance with [section 4902(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4902/b&num=0&edition=prelim);
(B) that lender paid mort
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4905
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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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