Midpoint of the Amortization Period Law and Legal Definition

According to 12 USCS § 4901 (7) [Title 12. Banks and Banking; Chapter 49. Homeowners Protection] the term midpoint of the amortization period means, “with respect to a residential mortgage transaction, the point in time that is halfway through the period that begins upon the first day of the amortization period established at the time a residential mortgage transaction is consummated and ends upon the completion of the entire period over which the mortgage is scheduled to be amortized.”