Comment for 1026.41 - Periodic Statements for Residential Mortgage Loans
Use “this mortgage” or “the mortgage” instead of “your mortgage.”
- 1026 (Regulation Z)
Search for terms in the sections, interpretations, and appendices in the Bureau regulations we currently have online.
Use “this mortgage” or “the mortgage” instead of “your mortgage.”
A service services 3,100 mortgage loans - 3,000 mortgage loans it owns or originated and 100 mortgage
A nonprofit entity services 4,500 mortgage loans - 3,000 mortgage loans it originated, 1,000 mortgage
(6) Qualified mortgage defined - temporary balloon-payment qualified mortgage rules.
(ii) Standard mortgage. The term standard mortgage means a covered transaction:
Mortgage insurance disclosure.
Nonprofit entity A services 3,000 of its own mortgage loans, and 1,500 mortgage loans on behalf of associated
When delay of consummation of a high-cost mortgage occurs for reasons outside the control of a creditor
(iii) The term “fixed-rate mortgage” means a transaction secured by real property or a dwelling that
Non-standard mortgage loan made in accordance with ability-to-repay or qualified mortgage requirements
Fixed-rate mortgage.
Mortgage loans not considered in determining whether a servicer is a small servicer.
(i) Non-standard mortgage. The term non-standard mortgage means a covered transaction that is:
(A) The phrase “Adjustable-Rate Mortgage,” “Variable-Rate Mortgage,” or “ARM” appears in the advertisement
Mortgage insurance, guarantee, or similar charges.
Mortgage broker as loan originator.
H-4(F) Adjustable-Rate Mortgage or Step-Rate Mortgage Interest Rate and Payment Summary Model Clause
Existing residential mortgage transaction.
(2) Post-consummation transfer of balloon-payment qualified mortgage.
Mortgage-related obligations.
Assume that a consumer will be required to pay mortgage insurance premiums, as described in comment 43
Use “The payments on this mortgage are late” instead of “You are late on your mortgage payments.”
Mortgage loans not considered in determining whether a nonprofit entity is a small servicer.
A bank holding company, through a lender subsidiary, owns or originated 4,000 mortgage loans.
(vi) Mortgage insurance case number.