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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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