15 U.S.C. §1639c — Minimum standards for residential mortgage loans (residual operative duties)
TILA statutory minimum-standards provision (Dodd-Frank §1411-1414). This register covers operative duties not captured by the existing `tila-12usc-1639c` register: §1639c(c)(4) no-PP-only-option, §1639c(d) single-premium credit-insurance prohibition, §1639c(e)(1) mandatory pre-dispute arbitration prohibition, §1639c(f) negative-amortization disclosure-and-counseling, §1639c(g)(2)/(3) anti-deficiency notices, and §1639c(h) partial-payment policy disclosure. Bootstrap target for Round C promotion; obligations populated from candidate file.
Verbatim regulatory text
Verbatim provisions from 15 U.S.C. §1639c — Minimum standards for residential mortgage loans (residual operative duties) — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.
15 U.S.C. §1639c(c)(4) — Option for no prepayment penalty required
A creditor may not offer a consumer a residential mortgage loan product that has a prepayment penalty for paying all or part of the principal after the loan is consummated as a term of the loan without offering the consumer a residential mortgage loan product that does not have a prepayment penalty as a term of the loan.
15 U.S.C. §1639c(e)(1) — Mandatory pre-dispute arbitration prohibited
No residential mortgage loan and no extension of credit under an open end consumer credit plan secured by the principal dwelling of the consumer may include terms which require arbitration or any other nonjudicial procedure as the method for resolving any controversy or settling any claims arising out of the transaction.
15 U.S.C. §1639c(f) — Mortgages with negative amortization: pre-consummation disclosure and counseling
No creditor may extend credit to a borrower in connection with a consumer credit transaction under an open or closed end consumer credit plan secured by a dwelling or residential real property that includes a dwelling, other than a reverse mortgage, that provides or permits a payment plan that may, at any time over the term of the extension of credit, result in negative amortization unless, before such transaction is consummated—
15 U.S.C. §1639c(g)(2) — Notice at time of consummation of anti-deficiency protection
In the case of any residential mortgage loan that is, or upon consummation will be, subject to protection under an anti-deficiency law , the creditor or mortgage originator shall provide a written notice to the consumer describing the protection provided by the anti-deficiency law and the significance for the consumer of the loss of such protection before such loan is consummated.
15 U.S.C. §1639c(g)(3) — Notice before refinancing that would cause loss of anti-deficiency protection
In the case of any residential mortgage loan that is subject to protection under an anti-deficiency law , if a creditor or mortgage originator provides an application to a consumer, or receives an application from a consumer, for any type of refinancing for such loan that would cause the loan to lose the protection of such anti-deficiency law , the creditor or mortgage originator shall provide a written notice to the consumer describing the protection provided by the anti-deficiency law and the significance for the consumer of the loss of such protection before any agreement for any such refinancing is consummated.
15 U.S.C. §1639c(h) — Policy regarding acceptance of partial payment: disclosure
In the case of any residential mortgage loan, a creditor shall disclose prior to settlement or, in the case of a person becoming a creditor with respect to an existing residential mortgage loan, at the time such person becomes a creditor —
15 U.S.C. §1639c(f) — Mortgages with negative amortization: pre-consummation disclosure and counseling — enumerated items (chapeau recall fix)
(1) the creditor provides the consumer with a statement that— (A) the pending transaction will or may, as the case may be, result in negative amortization ; (B) describes negative amortization in such manner as the Bureau shall prescribe; (C) negative amortization increases the outstanding principal balance of the account; and (D) negative amortization reduces the consumer’s equity in the dwelling or real property; and (2) in the case of a first-time borrower with respect to a residential mortgage loan that is not a qualified mortgage , the first-time borrower provides the creditor with sufficient documentation to demonstrate that the consumer received homeownership counseling from organizations or counselors certified by the Secretary of Housing and Urban Development as competent to provide such counseling.
15 U.S.C. §1639c(h) — Policy regarding acceptance of partial payment: disclosure — enumerated items (chapeau recall fix)
(1) the creditor ’s policy regarding the acceptance of partial payments; and (2) if partial payments are accepted, how such payments will be applied to such mortgage and if such payments will be placed in escrow.