Source: http://www.law.cornell.edu/cfr/text/12/part-226/appendix-K?qt-cfr_tabs=0
Timestamp: 2014-03-11 14:07:45
Document Index: 584802454

Matched Legal Cases: ['art 226', 'art 226', 'art 226', 'art 226', 'art 226', 'art 226', '§ 226']

12 CFR Part 226, Appendix K to Part 226 - Total Annual Loan Cost Rate Computations for Reverse Mortgage Transactions | LII / Legal Information Institute
CFR › Title 12 › Chapter II › Subchapter A › Part 226 › Appendix K 12 CFR Part 226, Appendix K to Part 226 - Total Annual Loan Cost Rate Computations for Reverse Mortgage Transactions
Pt. 226, App. K
Appendix K to Part 226—Total Annual Loan Cost Rate Computations for Reverse Mortgage Transactions
(b) Instructions and equations for the total annual loan cost rate—(1) General rule. The total annual loan cost rate shall be the nominal total annual loan cost rate determined by multiplying the unit-period rate by the number of unit-periods in a year.
(2) Term of the transaction. For purposes of total annual loan cost disclosures, the term of a reverse mortgage transaction is assumed to begin on the first of the month in which consummation is expected to occur. If a loan cost or any portion of a loan cost is initially incurred beginning on a date later than consummation, the term of the transaction is assumed to begin on the first of the month in which that loan cost is incurred. For purposes of total annual loan cost disclosures, the term ends on each of the assumed loan periods specified in § 226.33(c)(6).
(4) Unit-period. (i) In all transactions other than single-advance, single-payment transactions, the unit-period shall be that common period, not to exceed one year, that occurs most frequently in the transaction, except that:
(B) If there is no comm