In Colorado, the 'Uniform Consumer Credit Code' (UCCC) governs:
Why B. Consumer credit transactions, including some aspects of residential mortgage lending in Colorado Is Correct
Answer B: B. Consumer credit transactions, including some aspects of residential mortgage lending in Colorado
Colorado's Uniform Consumer Credit Code, C.R.S. title 5, articles 1 to 9, applies to consumer credit transactions made in Colorado, including refinancings, consolidations and deferrals of those transactions (C.R.S. 5-1-201). Because many home loans are consumer credit transactions, the code can reach some residential mortgage lending, including provisions on covered high-cost mortgage loans and mortgage brokers in title 5. It is not limited to commercial real estate loans or to small personal loans.
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Key Terms to Know
A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
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