A small-dollar mortgage is defined as less than $100,000
What the document says“In this section, the term ``small-dollar mortgage'' means a mortgage with an original principal obligation of less than $100,000.”
The section defines a small-dollar mortgage, for its own purposes, as a mortgage with an original principal obligation of less than $100,000.
What the document actually says“In this section, the term ``small-dollar mortgage'' means a mortgage with an original principal obligation of less than $100,000.”
A small-dollar mortgage is a home loan. It starts at less than one hundred thousand dollars.
Principal is the amount borrowed, apart from interest. This test looks at the sum at the start. The figure is a ceiling, not a target.
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