Conventional prepayment penalty means any prepayment penalty or fee that may be collected or charged in a residential mortgage loan and that is authorized by law other than this section, as long as the residential mortgage loan does not have an annual percentage rate that exceeds the conventional mortgage rate by more than 2 percentage points and does not permit any prepayment fees or penalties that exceed 2% of the amount prepaid.[PL 2011, c. 427, Pt. A, §15 (NEW).]
Conventional prepayment penalty means a prepayment penalty or fee that may be collected or charged in a home loan and that is authorized by law other than by this chapter, provided the home loan (a) does not have an annual percentage rate that exceeds the conventional mortgage rate by more than two percentage points; and (b) does not permit prepayment fees or penalties that exceed two percent of the amount prepaid.
Conventional prepayment penalty means any prepayment penalty
More Definitions of Conventional prepayment penalty
Conventional prepayment penalty means a prepayment penalty or fee that may be collected in a home loan and that is authorized by federal law; provided that a prepayment penalty is not a "conventional prepayment penalty" if the home loan:
Conventional prepayment penalty means any prepayment penalty or fee that may be collected or charged in a home loan, and that is authorized by law other than by N.J.S.A. 46:10B- 22 et seq., provided the home loan:
Conventional prepayment penalty means a prepayment penalty or fee that may be collected or charged in a home loan and that is authorized by law other than by this chapter, provided the home loan (a)does not have an annual percentage rate that exceeds the conventional mortgage rate by more than two percentage points; and
Conventional prepayment penalty means a prepayment penalty or fee that may be collected or charged in a home loan and that is authorized by law other than by this chapter, provided the home loan (a) does not have an annual percentage rate that exceeds the conventional mortgage rate by more than two percentage points; and (b) does not permit prepayment fees or penalties that exceed two percent of the amount prepaid. "Conventional mortgage rate" means the required net yield for a ninety-day standard mandatory delivery commitment for a reasonably comparable loan from either the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation, whichever is greater.
Conventional prepayment penalty means any prepayment penalty or fee that may be collected or
Conventional prepayment penalty means any prepayment penalty or fee that may be collected or charged in a home loan, and that is authorized by law other than by this act,