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[DOC File]Best-Ever Consumer Compliance Checklists
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Prior to making a high-cost mortgage, the creditor must obtain written certification that the consumer has received homeownership counseling from a HUD-approved counselor. For closed-end credit, the counseling must occur after the consumer receives the RESPA good faith estimate.
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[DOC File]Refinancing Existing HECMs and a Revision to the HECM ...
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3 Housing Counseling Requirements Currently, the HECM Program requires all HECM borrowers to receive counseling from an eligible third party entity. For HECM refinance transactions, HUD will waive this requirement and allow a mortgagor to opt out of the HECM Housing Counseling Requirement only if all three of the following conditions are met:
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[DOC File]Section I: Introduction - HUD
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The nationwide mortgage floors for low-cost areas are $347,000, $419,400, and $521,250 for two-, three-, and four-unit mortgage loans, respectively, and the respective statutory ceilings for high-cost areas are $934,200, $1,129,250, and $1,403,400.
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[DOC File]REFINANCE (Adjustable Rate Mortgage/HMDA)
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If high-cost mortgage, HCM disclosure 3 business days prior to closing (each borrower/consumer w/ right to rescind) _____ Written Certification of Counseling Obtained (if high-cost mortgage) _____ If high-cost mortgage: Ability to Repay using third-party verification: _____ Income or Assets
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[DOC File]B U L L E T I N
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High-Cost Mortgages & Homeownership Counseling USBHM will test all loans with the new HOEPA High-Cost thresholds and will not purchase or fund loans that our test indicate are High Cost. In November, the CFPB issued a notice which allows lenders to provide a temporary Homeownership Counseling Disclosure within three business days of application.
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[DOC File]PURCHASE/CONSTRUCTION (Fixed Rate)
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If high-cost mortgage, HCM disclosure 3 business days prior to closing (each borrower/consumer w/ right to rescind) _____ Written Certification of Counseling Obtained (If high-cost mortgage) _____ If High-Cost Mortgage: Ability to Repay using third-party verification: _____ Income or Assets
cfpb homeownership counseling requirements

TRUTH IN LENDING – REGULATION Z
High-Cost Mortgage and Homeownership Counseling Effective January 10, 2014 Expands the types of mortgage loans that are subject to the protections of the Home Ownership and Equity Protections Act (HOEPA) by imposing certain requirements related to homeownership counseling, including a requirement that consumers receive information about ...
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[DOC File]DEVELOPING A HOUSING COUNSELING PLAN FOR HUD …
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developing a housing counseling work plan for hud approval One of the most important elements of an application for HUD approval is a housing counseling work plan. It is a roadmap for reviewers to better understand how your agency offers housing counseling services.
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[DOC File]COMPLIANCE CHECKLIST
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Mortgage Awareness Program (MAP) Counseling Notification (for loans that are considered to be a “High Costs Mortgage” _____ 9. Calculations for High Cost Triggers
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[DOC File]Mortgage Law Changes - HB 552 of 2008
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9. Prepayment penalties are restricted on high-cost loans and lenders must offer an alternative without a prepayment penalty on a high-cost loan. 10. Further restrictions are placed on using stated incomes to obtain a high-cost loan. 11. The lenders cannot charge a fee for the first payoff request on a high-cost …
cfpb high cost mortgage rules

High cost mortgage counseling requirements