freddie mac pmms rate for the northeast region for 2011

#Freddie mac pmms rate for the northeast region for 2011 update

The amendment defines the term “week” to mean the seven-day period from Friday through Thursday, which is the day Freddie Mac publishes the PMMS. New York Banking Law Section 6-m defines sub-prime home loans as “a home loan in which the initial interest rate or the fully-indexed rate, whichever is higher, exceeds by more than one and three-quarters percentage points for a first-lien loan, or by more than three and three quarters percentage points for a subordinate lien loan, the average commitment rate for loans in the northeast region with a comparable duration of such home loan, as published by the Federal Home Loan Mortgage Corporation (Freddie Mac) in its weekly Primary Mortgage Market Survey (PMMS) posted the week prior to the week in which the lender provides the Good Faith Estimate (GFE).”

These amendments are effective immediately. Each of these terms can be found in the sub-prime definition, and are used to determine is a particular loan is considered sub-prime. Specifically, the amendments addressed the definition of the terms “week,” “good faith estimate” and “commitment” which are found in Part 43.

#Freddie mac pmms rate for the northeast region for 2011 update

The New York Department of Financial Services recently amended several provisions of the sub-prime banking law in an effort to update specific terms relative to sub-prime home loans.