69V-40.00111, F.A.C.
69V-40.00111. Determination of common terms used throughout Chapter 494, F.S., and Rule Chapter 69V-40
Cite as Fla. Admin. Code r. 69V-40.00111
“Material Benefit” as used in section 494.00296, F.S., is a beneficial change in the current mortgage rates or terms where one or more of the following occurred:
(1) Reduction in Principal Amount of the loan by 10% or more;
(2) Permanent reduction in the annual interest rate of at least 1% on an annual basis, or
(3) Conversion of an Adjustable Interest Rate loan to a Fixed Rate loan and the annual interest rate is equal to or less than the current adjustable interest rate.