United States Code
USC most recently checked for updates: Jun 01, 2020
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.
The term “fixed rate mortgage” means a residential mortgage that has an interest rate that is not subject to change.
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.
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.
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.
The term “mortgagee” means the holder of a residential mortgage at the time at which that mortgage transaction is consummated.
The term “mortgagor” means the original borrower under a residential mortgage or his or her successors or assignees.
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.
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.
The term “residential mortgage transaction” means a transaction consummated on or after the date that is 1 year after
The term “servicer” has the same meaning as in section 2605(i)(2) of this title, with respect to a residential mortgage.
The term “single-family dwelling” means a residence consisting of 1 family dwelling unit.