### Question
How is the "mortgage charge rate" defined?


### Answer
The term **mortgage charge rate** is defined in *12 U.S.C. § 1709* as follows -

> the amount of mortgage charges for an insured mortgage expressed as a percentage of the initial principal amount of the mortgage

#### Citation:
  - *12 U.S.C. § 1709*
  - Heading: **CHAPTER 12-SAVINGS ASSOCIATIONS > SUBCHAPTER II-MORTGAGE INSURANCE**

