Initial Amortization Schedule Law and Legal Definition
According to 12 USCS § 4901 (5) [Title 12. Banks and Banking; Chapter 49. Homeowners Protection] 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 unpaid principal balance of the loan after each scheduled payment is made.”
