§ 6.2-415. Lender not to cancel insurance policy at time of refinancing under certain circumstances
A. No lender shall require a borrower or debtor, for the protection of property securing the credit or lien, to cancel an existing insurance policy on such property at the time of a refinancing solely to change the effective dates of coverage under the policy, unless the expiration date of such policy is within four […]
§ 6.2-416. Certain mortgages not to prohibit further encumbrance of real property
Where any loan is secured by a mortgage or deed of trust on real property comprised of one- to four-family residential dwelling units, the note, or mortgage or deed of trust evidencing such loan shall in no way prohibit the further encumbrance of the real property. 1975, c. 398, § 6.1-2.5; 2010, c. 794.
§ 6.2-409. Addition of unpaid interest to principal balance
A. For the purpose of this section: “First deed of trust” or “first mortgage” includes all deeds of trust and mortgages, and amendments thereto, that are made by the same grantor or mortgagor, secure notes held by the same holder, convey substantially the same real estate, and are superior to all other deeds of trust […]
§ 6.2-410. Borrowers not to be required to employ particular professionals
In the case of loans secured by deeds of trust or mortgages on one- to four-family dwelling units, the lender may not require the borrower to use the services of a particular attorney, surveyor, or insurer. The lender shall have the right to approve any attorney, surveyor, or insurer selected by the borrower, provided such […]
§ 6.2-411. Requirements relating to insurance
A. Any lender making a loan secured by a subordinate mortgage or deed of trust, as defined in § 6.2-300, may require the borrower to provide: 1. Evidence of flood insurance if the security property is located in a special flood hazard area; 2. Evidence of fire and extended coverage insurance; and 3. Decreasing term […]
§ 6.2-407. Lenders to furnish borrower with copy of appraisal
Any lender that requires a borrower or prospective borrower to pay for an appraisal of residential real estate made in connection with a loan or application for a loan secured by the real estate shall, upon request by the borrower or prospective borrower, furnish free of charge the borrower or prospective borrower with a copy […]
§ 6.2-408. Priority of interest on debts secured by mortgage or deed of trust
Interest that is charged pursuant to a written agreement, whether or not recorded, shall be of equal priority with the principal debt secured by the mortgage or deed of trust and shall have priority as to third parties as provided in Title 55.1. 1987, c. 622, § 6.1-330.69; 2010, c. 794.
§ 6.2-406. Disclosure of terms of mortgage application
A. Any lender making, or broker arranging, loans secured by a first mortgage or first deed of trust on owner occupied residential real estate consisting of one- to four-family dwelling units shall provide, at the time an application for such a loan is submitted by a loan applicant, to the loan applicant a written statement […]