3916733
Beschreibung
Mindmap von andrea.browne, aktualisiert more than 1 year ago
|
Erstellt von andrea.browne
vor mehr als 8 Jahre
|
|
HOEPA/part of TILA
- Home Ownership and Equity Protection Act
- Sometimes referred to as Section 32 loans
- Exempt from the provisions of HOEPA
- Reverse Mortgage Loans, Loans
used to finance the initial
construction of a dwelling, Loans
originated by a housing finance
agency is the creditor, Loans
originated by the USDA
- Reverse Mortgage Loans, Loans
used to finance the initial
construction of a dwelling, Loans
originated by a housing finance
agency is the creditor, Loans
originated by the USDA
- HOEPA also regulates Appraisal Practices
- Exempt from the provisions of HOEPA
- Sometimes referred to as Section 32 loans
- Applies to High-Cost Mortgages
- APR Threshold, which differs for first-lien and sobordinate-lien mortgages
- A points and fees threshold
- A prepayment penalty threshold
- Above the average prime offer rate for a comparable transaction
- Thresholds for loans of
$20,391 or more: The
threshold is triggered if the
points and fees exceed 5% of
the loan amount
- Threshold for loans of less than
@20,391: The threshold is triggered if
the points and fees exceed the lesser
of 8% of the total loan amoun or
$1,020
- Threshold for loans of less than
@20,391: The threshold is triggered if
the points and fees exceed the lesser
of 8% of the total loan amoun or
$1,020
- A prepayment penalty threshold
- First-lien
mortgages: A
first lein home
loan is a high
cost mortgage if
APR is 6.5
- a subordinate-lien mortgages: a subordinate-lien home
loan is a high-cost mortgage if its APR is 8.5 percentage
points above the average prime offer rate for a
comparable transaction
- A points and fees threshold
- APR Threshold, which differs for first-lien and sobordinate-lien mortgages
- Special HOEPA disclosure, HOEPA loans
must include a special disclosure that states:
You are not required to complete this
agreement merely because you have
received these disclosures or have signed a
loan application. If you obtain this loan, the
lender will have a mortgage on your home.
You could use your home, and any money
you have put into it, if you do not meet your
obligations under the loan.
- Recipients fo the
disclosure: Any
consumer who is
primarily liable on
the obligation,
Those with a right
to rescind the
transaction
- Due 3 business days prior to the comsummation
- Due 3 business days prior to the comsummation
- Consumers must complete
counseling with a HUD approved
counselor, creditors are allowed
to pay counseling fees
- Recipients fo the
disclosure: Any
consumer who is
primarily liable on
the obligation,
Those with a right
to rescind the
transaction
- Ability to Repay Rule is required to comply with HOEPA
- For open ended loans there is a presumption of complience
- For open ended loans there is a presumption of complience
- Prohibited Lending Terms: Ballon Payments,
Negative amortization, advance payments,
increased interest rates after default,
Improperly calculated rebates, prepayment
penalties, acceleration of debt
- Prohibited lending practices: Direct payments to
home improvement contractors, loan flipping,
financing points and fees, lending without regard to
repayment ability, lending without pre-loan
counseling, and recommending default, charging loan
modification or dererral fees, charging late fees, and
charging fees for payoff statements
- Prohibited lending practices: Direct payments to
home improvement contractors, loan flipping,
financing points and fees, lending without regard to
repayment ability, lending without pre-loan
counseling, and recommending default, charging loan
modification or dererral fees, charging late fees, and
charging fees for payoff statements
Möchten Sie kostenlos Ihre eigenen Mindmaps mit GoConqr erstellen? Mehr erfahren.