Source: https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4905&num=0&edition=prelim
Timestamp: 2020-01-29 06:02:59
Document Index: 781616800

Matched Legal Cases: ['§ 4905', '§6', '§403', '§1601', '§403', '§406', '§403', '§403']

[USC02] 12 USC 4905: Disclosure requirements for lender paid mortgage insurance
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12 USC 4905: Disclosure requirements for lender paid mortgage insurance Text contains those laws in effect on January 28, 2020
(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.
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-
(B) that lender paid mortgage insurance-
The servicer of a residential mortgage transaction may develop and use a standardized form or forms for the provision of notices to the mortgagor, as required under subsection (c).
( Pub. L. 105–216, §6, July 29, 1998, 112 Stat. 904 ; Pub. L. 106–569, title IV, §§403(c), 406(a), Dec. 27, 2000, 114 Stat. 2957 , 2959.)
The Truth in Lending Act, referred to in subsec.(c)(1)(B)(ii), is title I of Pub. L. 90–321, May 29, 1968, 82 Stat. 146 , as amended, which is classified generally to subchapter I (§1601 et seq.) of chapter 41 of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see Short Title note set out under section 1601 of Title 15 and Tables.
2000-Subsec. (c). Pub. L. 106–569, §403(c)(1)(A), struck out "a residential mortgage or" before "a residential mortgage transaction" in introductory provisions.
Subsec. (c)(1)(B)(ii). Pub. L. 106–569, §406(a), inserted "(under the meaning given such term in the regulations issued by the Board of Governors of the Federal Reserve System to carry out the Truth in Lending Act (15 U.S.C. 1601 et seq.))" after "refinanced".
Subsec. (c)(2). Pub. L. 106–569, §403(c)(1)(B), inserted "transaction" before period at end.
Subsec. (d). Pub. L. 106–569, §403(c)(2), inserted "transaction" after "residential mortgage".