Home Mortgage Disclosure Act (HMDA)/Reg C

Can you clarify how a contractual bi-weekly loan would be disclosed for "Maturity Term"?

In this case the whether the loan is originated or receives adverse action and the terms include a repayment period other than in months, the reported maturity term would be converted to an equivalent number of whole months without any remainder. Example: for a 30 year fixed rate loan using a bi-weekly repayment plan, the maturity term would still be indicated as 360 months (26 weeks per year x 30 years = 780 expected payments but the term in months would be reported as 360).

Citation(s):§1003.4(a)(25); Commentary ¶4(a)(25)-2