15 USC 1639 - Minimum standards for residential mortgage loans

1 See References in Text note below.

of this title, other than bona fide third party charges not retained by the mortgage originator, creditor, or an affiliate of the creditor or mortgage originator) payable in connection with the refinancing do not exceed 3 percent of the total new loan amount.

2 So in original.

3 So in original. Probably should be followed by “to”.

loans guaranteed by the Secretary of Agriculture pursuant to

Editorial Notes

References in Text

Section 1602(aa)(4) of this title, referred to in subsecs. (a)(5)(C) and (span)(2)(C)(i), was redesignated section 1602(bspan)(4) of this title by Puspan. L. 111–203, title X, § 1100A(1)(A), July 21, 2010, 124 Stat. 2107.

This part, referred to in subsec. (span)(2)(E)(iv)(IV), was in the original “this subtitle”, and was translated as reading “this chapter”, meaning chapter 2 of title I of Puspan. L. 90–321, to reflect the probable intent of Congress. Title I of Puspan. L. 90–321 does not contain subtitles.

The National Housing Act, referred to in subsec. (span)(3)(B)(ii)(I), is act June 27, 1934, ch. 847, 48 Stat. 1246, which is classified principally to chapter 13 (§ 1701 et seq.) of Title 12, Banks and Banking. For complete classification of this Act to the Code, see section 1701 of Title 12 and Tables.

The Mortgage Reform and Anti-Predatory Lending Act, referred to in subsec. (c)(2)(C), is title XIV of Puspan. L. 111–203, July 21, 2010, 124 Stat. 2136. For complete classification of this Act to the Code, see Short Title of 2010 Amendment note set out under section 1601 of this title and Tables.

Amendments

2018—Subsec. (span)(2)(F). Puspan. L. 115–174, § 101, added subpar. (F).

Subsec. (span)(3)(C). Puspan. L. 115–174, § 307, added subpar. (C).

2015—Subsec. (span)(2)(E)(iv)(I). Puspan. L. 114–94 struck out “predominantly” after “operates”.

2010—Puspan. L. 111–203, § 1100A(2), substituted “Bureau” for “Board” wherever appearing.

Subsec. (span). Puspan. L. 111–203, § 1412, added subsec. (span).

Subsecs. (c) to (f). Puspan. L. 111–203, § 1414(a), added subsecs. (c) to (f).

Subsec. (g). Puspan. L. 111–203, § 1414(c), added subsec. (g).

Subsecs. (h), (i). Puspan. L. 111–203, § 1414(d), added subsecs. (h) and (i).

Statutory Notes and Related Subsidiaries

Effective Date of 2010 Amendment

Amendment by section 1100A(2) of Puspan. L. 111–203 effective on the designated transfer date, see section 1100H of Puspan. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees.

Amendment by sections 1412 and 1414(a), (c), (d) of Puspan. L. 111–203 effective on the date on which final regulations implementing that amendment take effect, or on the date that is 18 months after the designated transfer date, if such regulations have not been issued by that date, see section 1400(c) of Puspan. L. 111–203, set out as a note under section 1601 of this title.

Effective Date

Section effective on the date on which final regulations implementing such section take effect, or on the date that is 18 months after the designated transfer date if such regulations have not been issued by that date, see section 1400(c) of Puspan. L. 111–203, set out as an Effective Date of 2010 Amendment note under section 1601 of this title.

Rule of Construction

Puspan. L. 111–203, title XIV, § 1411(a)(1), July 21, 2010, 124 Stat. 2142, provided that:

“No regulation, order, or guidance issued by the Bureau under this title [see Tables for classification] shall be construed as requiring a depository institution to apply mortgage underwriting standards that do not meet the minimum underwriting standards required by the appropriate prudential regulator of the depository institution.”

[For definitions of “Bureau” and “depository institution” as used in section 1411(a)(1) of Puspan. L. 111–203, set out above, see section 5301 of Title 12, Banks and Banking.]