High cost mortgage loan rules
[DOC File]030 BUREAU OF CONSUMER CREDIT PROTECTION Chapter 550
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4. Title 9-A M.R.S. §8-506(5), which permits the administrator to adopt rules defining with reasonable specificity the requirements for complying with the prohibition against knowingly or intentionally engaging in the act or practice of flipping a residential mortgage loan when making a high-cost mortgage loan or a higher-priced mortgage loan. 5.
[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.
[DOC File]REFINANCE (Adjustable Rate Mortgage/HMDA)
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*If application is for construction/permanent financing: A Loan Estimate for both the construction phase and the permanent financing is required within 3 (general) business days of the initial application. **HPML escrow rules N/A for construction loans; temporary financing (e.g. bridge) with a term of 12 months or less; or Reverse Mortgages.
[DOC File]MAINE MORTGAGE LENDING FREQUENTLY-ASKED …
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A higher-priced mortgage loan is either a “non-traditional” mortgage loan (meaning, generally, a loan that allows a borrower to defer interest or principal), or a rate-spread mortgage loan, meaning that that the loan exceeds the average prime offer rate by 1.5 or more percentage points for loans secured by a first lien on a dwelling, or by ...
[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 …
[DOCX File]Maine State Legislature
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High-cost mortgage loans; restrictions. A high-cost mortgage loan is subject to the provisions applying to certain closed-end home mortgages covered by Regulation Z, 12 Code of Federal Regulations, Section 1026.32 and the following restrictions. A. In connection with a high-cost mortgage loan, a creditor may not directly or indirectly finance ...
[DOC File]Consumer Financial Protection Bureau
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Under some plans, the minimum payment may cover interest only; under others, it may include both principal and interest. points (also called discount points) One point is equal to 1 percent of the principal amount of a mortgage loan. For example, if …
[DOC File]Anti-Predatory Lending (APL) Screening Procedures for MPF ...
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ABC Bank will not originate a loan if: (i) it is subject to the requirements in the Homeownership and Equity Protection Act of 1994 (“HOEPA”) that apply to high-cost mortgages, as defined in that Act; or (ii) it is subject to the requirements of any federal, state, or local laws that apply to loans identified as high-cost, high risk, or ...
[DOC File]Assistant Secretary for Housing-Federal Housing Commisioners
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Nov 07, 2008 · The rules governing how the loan limits are established differ from the rules set forth in the Economic Stimulus Act of 2008 (ESA), which applies to loans originated in 2008. For example, under ESA, loan limits for high-cost areas were set at 125 percent of local house price medians and the maximum high-cost limit was 175 percent of the ...
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