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[DOC File]Best-Ever Consumer Compliance Checklists
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8 HIGH-COST. MORTGAGE LOAN (HOEPA LOAN) Applicability. If the creditor charges high rates or fees on a consumer-purpose loan secured by the consumer’s principal dwelling, the loan is a high-cost mortgage subject to special restrictions and disclosure requirements. The Triggers. A loan is a high-cost mortgage if it meets any of the following ...
high cost mortgage loan test

[DOC File]EXPLANATORY NOTES TO SCHEDULE 10-B: ESTIMATED …
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MAXIMUM MORTGAGE LOAN: Percentage of total project cost and dollar amount. 11. 55% of BASIS TEST: The HMFA may finance projects utilizing tax-exempt bonds with the intention of being eligible for credits on 100% of the project’s eligible basis by satisfying the requirements established by the Internal Revenue Service 50% (the Agency uses 55% ...
higher priced mortgage test

Uniform Residential Loan Application - Fannie Mae
Provides a high-level calculation of the funds due from or to the borrower(s), based upon total transaction costs, mortgage loan amount, and credits. Completing the URLA – Lender Loan Information The following tables provide guidance for certain fields on the URLA-Lender Loan Information form.
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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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Reverse Mortgage - Home | CSBS
Comment 33(a)-1 clarifies, however, that if a closed-end reverse mortgage does not limit the consumer’s liability to the proceeds of the sale of the home, and the transaction meets the definition of a high-cost mortgage loan under § 1026.32, the transaction is subject to all the requirements …
high cost home loan definition

[DOC File]MAINE MORTGAGE LENDING FREQUENTLY-ASKED …
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It does not determine whether a higher priced mortgage loan is also a high-rate, high fee loan. What is a High-Rate High-Fee Mortgage? “High-rate, high-fee mortgage" means a residential mortgage loan in which the terms of the loan meet or exceed one or more of the following thresholds: 1) Rate threshold, which is, for a residential mortgage ...
high cost mortgage loan definition

[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
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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 loan…
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[DOCX File]Gordon Feinblatt LLC
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High-cost (HOEPA) mortgage loans are subject to additional disclosure requirements and limits on loan terms Standard TILA liability, plus: an amount equal to the sum of all finance charges and fees paid by the consumer (unless creditor demonstrates that failure to comply is not material)
high cost mortgage loan test

[DOC File]Chapter 3
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the cost of any energy efficiency improvements up to $6,000, plus. VA funding fee. Graduated Payment Mortgage (GPM) loan on existing property The VA reasonable value, minus . the highest amount of negative amortization, plus. the cost of any energy efficiency improvements up to $6,000, plus . VA funding fee. Reference: See section 7 of chapter 7.
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High cost mortgage loan requirements