Tennessee Statutes
§ 13-22-116 — Graduated payment mortgages - Requirements for commitment to insure
Tennessee·Title 13
(a)For the purposes of this chapter, the agency is authorized to make commitments to insure mortgage loans and to contract to insure mortgage loans eligible hereunder upon such terms and conditions as the agency may prescribe, provided:
(1)Application for mortgage insurance or for a commitment for mortgage insurance has been submitted to the agency by an approved mortgagee holding, or proposing to hold, an insurable mortgage on the housing accommodation;
(2)The mortgage will have a remaining term of not more than forty (40) years from the date of the issuance of the insurance;
(3)The mortgage bears interest, exclusive of premium charges fixed by the agency, at a rate not in excess of the legal rate for such mortgages in this state and agreed upon by the mortgagor, the mortgagee, and th
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Tennessee § 13-22-116 (Graduated payment mortgages - Requirements for commitment to insure) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Acts 1980, ch. 790, § 2; 1988, ch. 901, § 4.
Nearby Sections
15
§ 13-10-101
Chapter definitions§ 13-10-102
Functions of commissioner§ 13-10-104
Authority of commissioner to inspect property and records and conduct investigations and hearings§ 13-10-107
State financial assistance - Contingencies§ 13-10-109
Financial assistance - Approved sources§ 13-10-201
Responsibility for implementation§ 13-10-202
Financial and legal independence§ 13-10-203
Enforcement authority§ 13-10-204
Confidentiality of information§ 13-10-205
Audits and reporting§ 13-10-206
Authority to adopt policies and regulations§ 13-11-101
Short title§ 13-11-102
Purpose§ 13-11-103
Chapter definitions