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119th Congress

Title 12 — Banks and Banking

Chapter 49 — Homeowners Protection

§ 4901. Definitions

Statutory text

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; 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.

(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 et seq.], title 38, or title V of the Housing Act of 1949 [42 U.S.C. 1471 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 , 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, 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.

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

  1. Pub. L. 105–216 § 2 · 112 Stat. 897

    Enacted · 12 U.S.C. § 4901

    Pub. L. 105–216, § 2, July 29, 1998, 112 Stat. 897

    Source evidence

    Code source credit
    Pub. L. 105–216, § 2, July 29, 1998, 112 Stat. 897

    Enacted provision · exact public law section
    SEC. 2. DEFINITIONS. In this Act, 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. (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 amortization schedules 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 date on which the mortgage reaches the cancellation date; or (B) made a mortgage payment that was 30 days or longer past due during the 12-month period preceding the date on which the mortgage reaches the cancellation date. (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) 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. (7) Mortgage insurer.— The term “mortgage insurer” means a provider of private mortgage insurance, as described in this Act, that is authorized to transact such business in the State in which the provider is transacting such business. (8) Mortgagee.— The term “mortgagee” means the holder of a residential mortgage at the time at which that mortgage transaction is consummated. (9) Mortgagor.— The term “mortgagor” means the original borrower under a residential mortgage or his or her successors or assignees. (10) Original value.— The term “original value”, with respect to a residential mortgage, 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. (11) Private mortgage insurance.— The term “private mortgage insurance” means mortgage insurance other than mortgage insurance made available under the National Housing Act, title 38 of the United States Code, or title V of the Housing Act of 1949. (12) 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 primary residence of the mortgagor. (13) Residential mortgage transaction.— The term “residential mortgage transaction” means a transaction consummated on or after the date that is 1 year after the date of enactment of this Act, 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 primary residence of the mortgagor to finance the acquisition, initial construction, or refinancing of that dwelling. (14) Servicer.— The term “servicer” has the same meaning as in section 6(i)(2) of the Real Estate Settlement Procedures Act of 1974, with respect to a residential mortgage. (15) Single-family dwelling.— The term “single–family dwelling” means a residence consisting of 1 family dwelling unit. (16) 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 amortization schedules 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.

  2. Private Mortgage Insurance Technical Corrections and Clarification Act

    Pub. L. 106–569 § 402(b) · 114 Stat. 2944

    Inserted · 12 U.S.C. § 4901(1)

    Pub. L. 106–569, § 402(b), inserted at end “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.”

    Source evidence

    Code amendment note
    Par. (1). Pub. L. 106–569, § 402(b), inserted at end “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.”

    Enacted provision · exact public law section
    (b) Treatment of Balloon Mortgages.— Paragraph (1) of section 2 of the Homeowners Protection Act of 1998 (12 U.S.C. 4901(1)) is amended by adding at the end the following new sentence: “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 Act.”.

  3. Private Mortgage Insurance Technical Corrections and Clarification Act

    Pub. L. 106–569 § 402(a)(1)(A) · 114 Stat. 2944

    Substituted · 12 U.S.C. § 4901(2)(B)(i)

    Pub. L. 106–569, § 402(a)(1)(A), substituted “the amortization schedule then in effect” for “amortization schedules”

    Source evidence

    Code amendment note
    Par. (2)(B)(i). Pub. L. 106–569, § 402(a)(1)(A), substituted “the amortization schedule then in effect” for “amortization schedules”.

    Enacted provision · exact public law section
    (A) in paragraph (2)(B)(i), by striking “amortization schedules” and inserting “the amortization schedule then in effect”;

  4. Private Mortgage Insurance Technical Corrections and Clarification Act

    Pub. L. 106–569 § 405(a)(1) · 114 Stat. 2944

    Inserted · 12 U.S.C. § 4901(4)(A)

    Pub. L. 106–569, § 405(a)(1), inserted “the later of (i)” before “the date on which the mortgage” and “, or (ii) the date that the mortgagor submits a request for cancellation under section 4902(a)(1) of this title” before the semicolon

    Source evidence

    Code amendment note
    Par. (4)(A). Pub. L. 106–569, § 405(a)(1), inserted “the later of (i)” before “the date on which the mortgage” and “, or (ii) the date that the mortgagor submits a request for cancellation under section 4902(a)(1) of this title” before the semicolon.

    Enacted provision · exact public law section
    (1) in subparagraph (A)— (A) by inserting “the later of (i)” before “the date”; and (B) by inserting or (ii) the date that the mortgagor submits a request for cancellation under section 3(a)(1)” before the semicolon; and

  5. Private Mortgage Insurance Technical Corrections and Clarification Act

    Pub. L. 106–569 § 405(a)(2) · 114 Stat. 2944

    Inserted · 12 U.S.C. § 4901(4)(B)

    Pub. L. 106–569, § 405(a)(2), inserted “the later of (i)” before “the date on which the mortgage” and “, or (ii) the date that the mortgagor submits a request for cancellation under section 4902(a)(1) of this title” before period at end

    Source evidence

    Code amendment note
    Par. (4)(B). Pub. L. 106–569, § 405(a)(2), inserted “the later of (i)” before “the date on which the mortgage” and “, or (ii) the date that the mortgagor submits a request for cancellation under section 4902(a)(1) of this title” before period at end.

    Enacted provision · exact public law section
    (2) in subparagraph (B)— (A) by inserting “the later of (i)” before “the date”; and (B) by inserting or (ii) the date that the mortgagor submits a request for cancellation under section 3(a)(1)” before the period at the end.

  6. Private Mortgage Insurance Technical Corrections and Clarification Act

    Pub. L. 106–569 § 402(a)(1)(D) · 114 Stat. 2944

    Redesignated · 12 U.S.C. § 4901(6)

    Pub. L. 106–569, § 402(a)(1)(D), added par. (6). Former par. (6) redesignated (8)

    Source evidence

    Code amendment note
    Par. (6). Pub. L. 106–569, § 402(a)(1)(D), added par. (6). Former par. (6) redesignated (8).

    Enacted provision · exact public law section
    (D) by inserting after paragraph (5) the following new paragraph: “(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.”; and

  7. Private Mortgage Insurance Technical Corrections and Clarification Act

    Pub. L. 106–569 § 406(b) · 114 Stat. 2944

    Redesignated · 12 U.S.C. § 4901(7)

    Pub. L. 106–569, § 406(b), added par. (7). Former par. (7) redesignated (9)

    Source evidence

    Code amendment note
    Par. (7). Pub. L. 106–569, § 406(b), added par. (7). Former par. (7) redesignated (9).

    Enacted provision · exact public law section
    (b) Midpoint of the Amortization Period.— Section 2 of the Homeowners Protection Act of 1998 (12 U.S.C. 4901) is amended by inserting after paragraph (6) (as added by the preceding provisions of this title) the following new paragraph: “(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. Private Mortgage Insurance Technical Corrections and Clarification Act

    Pub. L. 106–569 § 402(a)(1)(C) · 114 Stat. 2944

    Redesignated · 12 U.S.C. § 4901(8)(11)

    Pub. L. 106–569, § 402(a)(1)(C), redesignated pars. (6) to (9) as (8) to (11), respectively. Former pars. (10) and (11) redesignated (12) and (13), respectively

    Source evidence

    Code amendment note
    Pars. (8) to (11). Pub. L. 106–569, § 402(a)(1)(C), redesignated pars. (6) to (9) as (8) to (11), respectively. Former pars. (10) and (11) redesignated (12) and (13), respectively.

    Enacted provision · exact public law section
    (C) by redesignating paragraphs (6) through (16) (as amended by the preceding provisions of this paragraph) as paragraphs (8) through (18), respectively; and

  9. Private Mortgage Insurance Technical Corrections and Clarification Act

    Pub. L. 106–569 § 406(c) · 114 Stat. 2944

    1. Inserted · 12 U.S.C. § 4901(12)

      Pub. L. 106–569, § 406(c), inserted “transaction” after “a residential mortgage”

    2. Inserted · 12 U.S.C. § 4901(12)

      Pub. L. 106–569, § 406(c), inserted at end “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.”

    Source evidence

    Code amendment note
    Par. (12). Pub. L. 106–569, § 406(c), inserted “transaction” after “a residential mortgage” and inserted at end “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.”

    Enacted provision · exact public law section
    (c) Original Value.— Section 2(12) of the Homeowners Protection Act of 1998 (12 U.S.C. 4901(10)) (as so redesignated by the preceding provisions of this title) is amended— (1) by inserting “transaction” after “a residential mortgage”; and (2) by adding at the end the following new sentence: “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.”.

  10. Private Mortgage Insurance Technical Corrections and Clarification Act

    Pub. L. 106–569 § 402(a)(1)(C) · 114 Stat. 2944

    Redesignated · 12 U.S.C. § 4901(12)

    Pub. L. 106–569, § 402(a)(1)(C), redesignated par. (10) as (12). Former par. (12) redesignated (14)

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 106–569, § 402(a)(1)(C), redesignated par. (10) as (12). Former par. (12) redesignated (14).

    Enacted provision · exact public law section
    (C) by redesignating paragraphs (6) through (16) (as amended by the preceding provisions of this paragraph) as paragraphs (8) through (18), respectively; and

  11. Private Mortgage Insurance Technical Corrections and Clarification Act

    Pub. L. 106–569 § 402(a)(1)(C) · 114 Stat. 2944

    Redesignated · 12 U.S.C. § 4901(13)

    Pub. L. 106–569, § 402(a)(1)(C), redesignated par. (11) as (13). Former par. (13) redesignated (15)

    Source evidence

    Code amendment note
    Par. (13). Pub. L. 106–569, § 402(a)(1)(C), redesignated par. (11) as (13). Former par. (13) redesignated (15).

    Enacted provision · exact public law section
    (C) by redesignating paragraphs (6) through (16) (as amended by the preceding provisions of this paragraph) as paragraphs (8) through (18), respectively; and

  12. Private Mortgage Insurance Technical Corrections and Clarification Act

    Pub. L. 106–569 § 406(d)(1) · 114 Stat. 2944

    Substituted · 12 U.S.C. § 4901(14)

    Pub. L. 106–569, § 406(d)(1), substituted “principal residence of the mortgagor” for “primary residence of the mortgagor”

    Source evidence

    Code amendment note
    Par. (14). Pub. L. 106–569, § 406(d)(1), substituted “principal residence of the mortgagor” for “primary residence of the mortgagor”.

    Enacted provision · exact public law section
    (1) in paragraph (14) (as so redesignated by the preceding provisions of this title) by striking “primary” and inserting “principal”; and

  13. Private Mortgage Insurance Technical Corrections and Clarification Act

    Pub. L. 106–569 § 402(a)(1)(C) · 114 Stat. 2944

    Redesignated · 12 U.S.C. § 4901(14)

    Pub. L. 106–569, § 402(a)(1)(C), redesignated par. (12) as (14). Former par. (14) redesignated (16)

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 106–569, § 402(a)(1)(C), redesignated par. (12) as (14). Former par. (14) redesignated (16).

    Enacted provision · exact public law section
    (C) by redesignating paragraphs (6) through (16) (as amended by the preceding provisions of this paragraph) as paragraphs (8) through (18), respectively; and

  14. Private Mortgage Insurance Technical Corrections and Clarification Act

    Pub. L. 106–569 § 406(d)(2) · 114 Stat. 2944

    Substituted · 12 U.S.C. § 4901(15)

    Pub. L. 106–569, § 406(d)(2), substituted “principal residence of the mortgagor” for “primary residence of the mortgagor”

    Source evidence

    Code amendment note
    Par. (15). Pub. L. 106–569, § 406(d)(2), substituted “principal residence of the mortgagor” for “primary residence of the mortgagor”.

    Enacted provision · exact public law section
    (2) in paragraph (15) (as so redesignated by the preceding provisions of this title) by striking “primary” and inserting “principal”.

  15. Private Mortgage Insurance Technical Corrections and Clarification Act

    Pub. L. 106–569 § 402(a)(1)(C) · 114 Stat. 2944

    Redesignated · 12 U.S.C. § 4901(15)

    Pub. L. 106–569, § 402(a)(1)(C), redesignated par. (13) as (15). Former par. (15) redesignated (17)

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 106–569, § 402(a)(1)(C), redesignated par. (13) as (15). Former par. (15) redesignated (17).

    Enacted provision · exact public law section
    (C) by redesignating paragraphs (6) through (16) (as amended by the preceding provisions of this paragraph) as paragraphs (8) through (18), respectively; and

  16. Private Mortgage Insurance Technical Corrections and Clarification Act

    Pub. L. 106–569 § 402(a)(1)(C) · 114 Stat. 2944

    Redesignated · 12 U.S.C. § 4901(16)

    Pub. L. 106–569, § 402(a)(1)(C), redesignated par. (14) as (16). Former par. (16) redesignated (18)

    Source evidence

    Code amendment note
    Par. (16). Pub. L. 106–569, § 402(a)(1)(C), redesignated par. (14) as (16). Former par. (16) redesignated (18).

    Enacted provision · exact public law section
    (C) by redesignating paragraphs (6) through (16) (as amended by the preceding provisions of this paragraph) as paragraphs (8) through (18), respectively; and

  17. Private Mortgage Insurance Technical Corrections and Clarification Act

    Pub. L. 106–569 § 402(a)(1)(B) · 114 Stat. 2944

    Substituted · 12 U.S.C. § 4901(16)(B)

    Pub. L. 106–569, § 402(a)(1)(B), substituted “the amortization schedule then in effect” for “amortization schedules”

    Source evidence

    Code amendment note
    Par. (16)(B). Pub. L. 106–569, § 402(a)(1)(B), substituted “the amortization schedule then in effect” for “amortization schedules”.

    Enacted provision · exact public law section
    (B) in paragraph (16)(B), by striking “amortization schedules” and inserting “the amortization schedule then in effect”;

  18. Private Mortgage Insurance Technical Corrections and Clarification Act

    Pub. L. 106–569 § 402(a)(1)(C) · 114 Stat. 2944

    Redesignated · 12 U.S.C. § 4901(17); 12 U.S.C. § 4901(18)

    Pub. L. 106–569, § 402(a)(1)(C), redesignated pars. (15) and (16) as (17) and (18), respectively

    Source evidence

    Code amendment note
    Pars. (17), (18). Pub. L. 106–569, § 402(a)(1)(C), redesignated pars. (15) and (16) as (17) and (18), respectively.

    Enacted provision · exact public law section
    (C) by redesignating paragraphs (6) through (16) (as amended by the preceding provisions of this paragraph) as paragraphs (8) through (18), respectively; and

19 of 19 references resolved to an enrolled provision

Editorial Notes

References in Text

This chapter, referred to in text, was in the original “this Act”, meaning Pub. L. 105–216, , 112 Stat. 897, known as the Homeowners Protection Act of 1998. For complete classification of this Act to the Code, see Short Title note below and Tables.

The National Housing Act, referred to in par. (13), is act June 27, 1934, ch. 847, 48 Stat. 1246, which is classified principally to chapter 13 (§ 1701 et seq.) of this title. For complete classification of this Act to the Code, see section 1701 of this title and Tables.

The Housing Act of 1949, referred to in par. (13), is act July 15, 1949, ch. 338, 63 Stat. 413. Title V of the Act is classified generally to subchapter III (§ 1471 et seq.) of chapter 8A of Title 42, The Public Health and Welfare. For complete classification of this Act to the Code, see Short Title note set out under section 1441 of Title 42 and Tables.

Amendments

2000—Par. (1). Pub. L. 106–569, § 402(b), inserted at end “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.”

Par. (2)(B)(i). Pub. L. 106–569, § 402(a)(1)(A), substituted “the amortization schedule then in effect” for “amortization schedules”.

Par. (4)(A). Pub. L. 106–569, § 405(a)(1), inserted “the later of (i)” before “the date on which the mortgage” and “, or (ii) the date that the mortgagor submits a request for cancellation under section 4902(a)(1) of this title” before the semicolon.

Par. (4)(B). Pub. L. 106–569, § 405(a)(2), inserted “the later of (i)” before “the date on which the mortgage” and “, or (ii) the date that the mortgagor submits a request for cancellation under section 4902(a)(1) of this title” before period at end.

Par. (6). Pub. L. 106–569, § 402(a)(1)(D), added par. (6). Former par. (6) redesignated (8).

Par. (7). Pub. L. 106–569, § 406(b), added par. (7). Former par. (7) redesignated (9).

Pars. (8) to (11). Pub. L. 106–569, § 402(a)(1)(C), redesignated pars. (6) to (9) as (8) to (11), respectively. Former pars. (10) and (11) redesignated (12) and (13), respectively.

Par. (12). Pub. L. 106–569, § 406(c), inserted “transaction” after “a residential mortgage” and inserted at end “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.”

Pub. L. 106–569, § 402(a)(1)(C), redesignated par. (10) as (12). Former par. (12) redesignated (14).

Par. (13). Pub. L. 106–569, § 402(a)(1)(C), redesignated par. (11) as (13). Former par. (13) redesignated (15).

Par. (14). Pub. L. 106–569, § 406(d)(1), substituted “principal residence of the mortgagor” for “primary residence of the mortgagor”.

Pub. L. 106–569, § 402(a)(1)(C), redesignated par. (12) as (14). Former par. (14) redesignated (16).

Par. (15). Pub. L. 106–569, § 406(d)(2), substituted “principal residence of the mortgagor” for “primary residence of the mortgagor”.

Pub. L. 106–569, § 402(a)(1)(C), redesignated par. (13) as (15). Former par. (15) redesignated (17).

Par. (16). Pub. L. 106–569, § 402(a)(1)(C), redesignated par. (14) as (16). Former par. (16) redesignated (18).

Par. (16)(B). Pub. L. 106–569, § 402(a)(1)(B), substituted “the amortization schedule then in effect” for “amortization schedules”.

Pars. (17), (18). Pub. L. 106–569, § 402(a)(1)(C), redesignated pars. (15) and (16) as (17) and (18), respectively.

Statutory Notes and Related Subsidiaries

Effective Date

Pub. L. 105–216, § 13, , 112 Stat. 908, provided that: “This Act [enacting this chapter and amending section 1088 of Title 20, Education], other than section 14 [enacting provisions set out as notes under sections 1441a and 1831q of this title and amending provisions set out as a note under section 1831q of this title], shall become effective 1 year after the date of enactment of this Act [].”

Short Title of 2000 Amendment

Pub. L. 106–569, title IV, § 401, , 114 Stat. 2956, provided that: “This title [amending this section and sections 4902, 4903, and 4905 of this title] may be cited as the ‘Private Mortgage Insurance Technical Corrections and Clarification Act’.”

Short Title

Pub. L. 105–216, § 1(a), , 112 Stat. 897, provided that: “This Act [enacting this chapter, amending section 1088 of Title 20, Education, enacting provisions set out as notes under sections 1441a and 1831q of this title, and amending provisions set out as a note under section 1831q of this title] may be cited as the ‘Homeowners Protection Act of 1998’.”

Credits

1998–2000 · 2 acts
  1. 1998Pub. L. 105–216, § 2, , 112 Stat. 897
  2. 2000Pub. L. 106–569, title IV, §§ 402(a)(1), (b), 405(a), 406(b)–(d), , 114 Stat. 2956, 2958, 2959.
Show as published

(Pub. L. 105–216, § 2, , 112 Stat. 897; Pub. L. 106–569, title IV, §§ 402(a)(1), (b), 405(a), 406(b)–(d), , 114 Stat. 2956, 2958, 2959.)

Parsed from the official OLRC USLM XML in data/usc_all/usc12.xml · release point 119-108 · OLRC build 2026-07-23

USLM identifier /us/usc/t12/s4901