DFI-CU 54 Real Estate Mortgage Loans.
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54.03 Limitations on real estate mortgage loans.
A credit union may grant purchase money and equity mortgage loans to members secured with real estate, subject to the following limitations:
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(3) The term of a mortgage loan may not exceed 30 years commencing the latter of:
(a) The date of closing;
(b) The date of the first contractual principal and interest payment;
(c) The date of any additional advance;
(d) The date of any properly executed loan modification agreement; or
(e) The date of any interest rate increase under the terms of a note permitting or requiring changes in the interest rate.