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Question of the Week

Posted: May 19, 2022 | Author: Cornerstone Compliance Team
compliance  lending & collections  mortgage lending 

Question: What is the maximum term for a mortgage for a federal credit union?

Answer: 40 years, per 12 CFR 701.21 ( https://www.law.cornell.edu/cfr/text/12/701.21#g). There’s no mandate that you offer 40-year terms, but you certainly can consider it as a product.

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