Sentences with phrase «date after consummation»

Not exact matches

For a closed - end credit transaction, prepayment penalty means a charge imposed for paying all or part of the transaction's principal before the date on which the principal is due, other than a waived, bona fide third - party charge that the creditor imposes if the consumer prepays all of the transaction's principal sooner than 36 months after consummation, provided, however, that interest charged consistent with the monthly interest accrual amortization method is not a prepayment penalty for extensions of credit insured by the Federal Housing Administration that are consummated before January 21, 2015.

In response to the request for guidance on how to disclose the date of a form printed after consummation, under § 1026.38 (a)(3)(i), the Bureau believes that the regulation text is clear that the date to be disclosed is the date of delivery, regardless of whether it is printed after consummation for some other purpose.

For purposes of this paragraph (b)(4), «prepayment penalty» means a charge imposed for paying all or part of a transaction's principal before the date on which the principal is due, other than a waived, bona fide third - party charge that the creditor imposes if the consumer prepays all of the transaction's principal sooner than 36 months after consummation.

A waived bona fide third - party charge imposed by the creditor if the consumer pays all of a covered transaction's principal before the date on which the principal is due sooner than 36 months after consummation.

The commenters are correct that given the requirement that the Closing Disclosure be provided so that it is received by the consumer three days before consummation under § 1026.19 (f)(1)(ii), the consummation date may, in some transactions, change after the delivery of the Closing Disclosure.

However, the term prepayment penalty does not include a waived bona fide third - party charge imposed by the creditor if the consumer pays all of a covered transaction's principal before the date on which the principal is due sooner than 36 months after consummation.