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StateLaw Databases

In-depth analysis of the laws that affect consumer credit transactions and privacy

Mortgage Banks

Mortgage Banks covers consumer-purpose residential mortgage lending laws that apply to a state-chartered or licensed depository institution (i.e. state bank, state savings bank or state savings and loan association). It does not cover laws that apply to a credit union.

Mortgage Banks covers the following types of mortgage products:

  • closed-end loans
  • open-end lines of credit
  • first and junior lien
  • purchase money and non-purchase money

Mortgage Banks does not address laws that apply to a loan secured by a time-share interest, fixtures, or a dwelling that is movable personal property (such as a boat or a mobile home.) It includes a summary of the primary potential federal preemptions that could apply. It addresses issues in a question/answer format. The questions address licensing, fee and payment limitations, disclosures, titling and security interests, recordkeeping, collections, and other pertinent issues. The responses cover state statutes, regulations and materials published by the regulating entity. The responses generally do not cover local or municipal ordinances, or issues raised in litigation. Mortgage Banks includes information about high-cost loans, but is not a comprehensive resource for state laws that could affect high-cost loans.

Questions in the following categories are addressed:

  • Governing Law/Licensing
  • Record Retention
  • Finance Charge Rate
  • Origination Fees
  • Servicing Fees
  • Default Charges
  • Payment/Term Limitations
  • Prepayment
  • Insurance
  • Disclosure Requirements
  • Titling and Security Interests
  • Miscellaneous Issues
  • Broker Issues
  • Collection
  • Penalties

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