Amends definitions for conventional mortgage rates and thresholds in South Carolina's high-cost and consumer home loans.

This bill amends the South Carolina Code to redefine "conventional mortgage rate" and "threshold" in the context of high-cost and consumer home loans. The conventional mortgage rate is now defined as the required net yield for a ninety-day standard mandatory delivery commitment for a reasonably comparable loan from either the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation, whichever is greater. The threshold is defined as the annual percentage rate of the loan at the time the loan is consummated, which must be considered a "mortgage" under federal law.

Amends definitions for conventional mortgage rates and thresholds in South Carolina's high-cost and consumer home loans.

This bill amends the South Carolina Code to redefine "conventional mortgage rate" and "threshold" in the context of high-cost and consumer home loans. The conventional mortgage rate is now defined as the required net yield for a ninety-day standard mandatory delivery commitment for a reasonably comparable loan from either the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation, whichever is greater. The threshold is defined as the annual percentage rate of the loan at the time the loan is consummated, which must be considered a "mortgage" under federal law.