§ 1026.39 Mortgage transfer disclosures.
person” means any person, as defined in § 1026.2(a)(22), that becomes the owner of an existing mortgage
- 1026 (Regulation Z)
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person” means any person, as defined in § 1026.2(a)(22), that becomes the owner of an existing mortgage
For example, a fixed-rate mortgage loan with a 30-year amortization period but a balloon payment due
in § 1026.43 as a “covered transaction” (defined in § 1026.43(b)(1)) and (2) a qualified mortgage
Fixed-rate mortgage.
Creditors generally must hold a loan in portfolio to maintain the transaction's status as a qualified mortgage
For example, a fixed-rate mortgage loan with a 30-year amortization period but a balloon payment due
credit union that, in each of the two preceding calendar years, originated fewer than 500 closed-end mortgage
(iv) Any other federally related mortgage loan whose purpose is not the purchase of a 1- to 4-family
) Provides sufficient detail to the servicer regarding information relating to the servicing of the mortgage
distribution, and analysis of information common for the processing or underwriting of a residential mortgage
statement identifying the consumer's status as a debtor in bankruptcy or the discharged status of the mortgage
(B) Is a qualified mortgage under paragraph (e)(2), (e)(4), (e)(5), (e)(6), or (f) of this section; and
for identifying which employees of the covered financial institution are required to be registered mortgage
Appraisal fees mentioned in § 1026.4(b)(4) are excluded for real property or residential mortgage
(2) Nondepository financial institution means a for-profit mortgage-lending institution (other than a
Section 1026.37(k) requires the disclosure of an Nationwide Mortgage Licensing System and Registry (NMLSR
Assume two institutions that are eligible for the partial exemption for closed-end mortgage loans merge
paragraph (b) of this section if no loss mitigation option is available, or if any borrower on the mortgage
“Contact Information,” the following information for each creditor (under the subheading “Lender”), mortgage
Certain mortgage and credit insurance premiums.
the term “homeowner's insurance” means the amounts identified in § 1026.4(b)(8); and the term “mortgage
Assume a fixed-rate mortgage with an interest rate at consummation of 7 percent that is fixed for the
(i) The amount of the borrower's current monthly mortgage payment and the portion of the monthly payment
(8) Failure to transfer accurately and timely information relating to the servicing of a borrower's mortgage
regarding loss mitigation options available to a borrower from the owner or assignee of the borrower's mortgage