Pennsylvania Code
Title 10 - BANKING AND SECURITIES
Part I - General Provisions
Chapter 7 - RESIDENTIAL REAL ESTATE TRANSACTIONS
Section 7.5 - Commitments to enter into residential mortgages

Universal Citation: 10 PA Code ยง 7.5
Current through Register Vol. 54, No. 12, March 23, 2024

Except for F.H.A. and V.A. loans, a mortgage commitment when agreed to by the residential mortgage debtor shall constitute a legally binding obligation on the part of the residential mortgage lender to make a residential mortgage loan within a specified time period in the future at a rate of interest not exceeding the maximum lawful rate of interest effective as of the date of commitment offer; provided, however, that the obligation may be conditioned upon such contingencies as are customary and necessary under the particular circumstances to protect the security of the residential mortgage lender. The commitment may not include any condition for increase of the interest rate at the time of loan settlement, even though the maximum lawful rate is then higher.

Disclaimer: These regulations may not be the most recent version. Pennsylvania may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.