Good Payment History [Banks & Banking] Law and Legal Definition
Pursuant to 12 USCS § 4901 (4) [Title 12. Banks and Banking; Chapter 49. Homeowners Protection], 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 later of (i) the date on which the mortgage reaches the cancellation date, or (ii) the date that the mortgagor submits a request for cancellation under section 3(a)(1) [12 USCS § 4902(a)(1)]; or
(B) made a mortgage payment that was 30 days or longer past due during the 12-month period preceding the later of (i) the date on which the mortgage reaches the cancellation date, or (ii) the date that the mortgagor submits a request for cancellation under section 3(a)(1) [12 USCS § 4902(a)(1)].
