State Consumer Credit Law
Mavent applies requirements of over 340 US state laws for consumer residential mortgage loans secured by real property as these laws relate to such issues as:
- Usury Rate Ceilings Percentage Caps
- Prohibited Fees
- Fee Percentage or Dollar Amount Limits
- Higher-Rate, Higher-Risk, Higher-Priced, Subprime, Nonprime, and Rate Spread Loans
- Prepayment Penalty Prohibitions and Limitations
- Late Fee Dollar Amount Limits and Length of Late Fee Grace Periods
- Interest Accrual Start Dates
- Negative Amortization Prohibitions
- Balloon Payment Prohibitions or Term Limitations
- Payment and Term Limitations
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Mavent's
Lender Profile allows clients to configure each line of business to take advantage of permissible elections, including federal preemption and rate exportation. Mavent also applies preemptions, as appropriate, under the Depository Institutions Deregulation and Monetary Control Act of 1980 (DIDMCA) and the Alternate Mortgage Transactions Parity Act (AMTPA). Historical rules, indices and information for state laws are preserved to enable retrospective quality control auditing.