112 STAT. 898 PUBLIC LAW 105-216-JULY 29, 1998 (i) based solely on eunortization schedules for that mortgage, and irrespective of the outstanding balance for that mortgage on that date, is first scheduled to reach 80 percent of the original value of the property securing the loan; or (ii) based solely on actual payments, first reaches 80 percent of the original value of the property securing the loan. (3) FIXED RATE MORTGAGE. —The term "fixed rate mortgage" means a residential mortgage that has an interest rate that is not subject to change. (4) GOOD PAYMENT HISTORY.—The term "good payment history" means, with respect to a mortgagor, that the mortgagor has not— (A) made a mortgage payment that was 60 days or longer past due during the 12-month period beginning 24 months before the date on which the mortgage reaches the c£incellation date; or (B) made a mortgage payment that was 30 days or longer past due during the 12-month period preceding the date on which the mortgage reaches the cancellation date. (5) INITIAL AMORTIZATION SCHEDULE. —The term "initial amortization schedule" means a schedule established at the time at which a residential mortgage transaction is consummated with respect to a fixed rate mortgage, showing— (A) the amount of principal and interest that is due at regular intervals to retire the principal balance and accrued interest over the amortization period of the loan; and (B) the impaid principal balance of the loan after each scheduled payment is made. (6) MORTGAGE INSURANCE.—The term "mortgage insurance" means insurance, including any mortgage guareinty insurance, against the nonpayment of, or default on, an individual mortgage or loan involved in a residential mortgage transaction. (7) MORTGAGE INSURER.— The term "mortgage insurer" means a provider of private mortgage insurance, as described in this Act, that is authorized to transact such business in the State in which the provider is transacting such business. (8) MORTGAGEE.—The term "mortgagee" means the holder of a residential mortgage at the time at which that mortgage transaction is consummated. (9) MORTGAGOR. —The term "mortgagor" means the original ' borrower under a residential mortgage or his or her successors or assignees. (10) ORIGINAL VALUE. —The term "original value", with respect to a residential mortgage, means the lesser of the sales price of the property securing the mortgage, as reflected in the contract, or the appraised value at the time at which the subject residential mortgage transaction was consummated. (11) PRIVATE MORTGAGE INSURANCE.—The term "private mortgage insurance" means mortgage insurance other than mortgage insurance made available under the National Housing Act, title 38 of the United States Code, or title V of the Housing Act of 1949. (12) RESIDENTL^L MORTGAGE. —The term "residential mortgage" means a mortgage, loan, or other evidence of a security
�
