by usezloan | Nov 19, 2021 | Financial study
융자지식 248-Home Ownership and Equity Protection Act (HOEPA)
2.29 주택소유 및 지분보호법(HOEPA)
HOEPA는 주택 담보 대출의 특정 기만적이고 불공정한 관행을 다룹니다. TILA(Truth in Lending Act)를 수정하고 특정 임계값을 초과하는 이자율과 수수료가 있는 특정 대출에 대한 요건을 설정합니다. 이러한 대출에 대한 규칙은 TILA를 구현하는 규정 Z의 이 섹션에 포함되어 있습니다.
주택 소유 및 지분 보호법(HOEPA)은 공개 요건을 설정하고 대출에 있어 기만적이고 불공정한 관행을 금지합니다. HOEPA는 또한 높은 이자율 및/또는 높은 대출 수수료가 있는 특정 대출에 적용되는 대출 조건을 제한합니다.
금지된 대출 조건: HOEPA의 적용을 받는 대출은 풍선 지불, 마이너스 할부 상환 또는 선불 펜 알티를 특징으로 할 수 없습니다. HOEPA가 적용되는 대출은 소비자에게 실질적인 혜택을 제공하지 않는 한 1년 이내에 다른 HOEPA 대출로 재융자할 수 없습니다.
에스크로 계정: 이 규칙은 원래 대출 기관이 최소 5년 동안 재산세 및 보험에 대한 에스크로(압류) 계정을 설정하고 유지하도록 요구합니다.
HOEPA 제한 – HOEPA가 적용되는 대출 거래에는 다음 조건이 포함되지 않을 수 있습니다.
• 풍선 지불. 정기납부가 완납되지 않는 경우(잔액잔액 및 정기납부금액의 2배 이상의 일시납부 필요.
HOEPA 적용 대출은 원금을 상환하거나 최소한 이자를 지불하기 위해 정기적으로 지불해야 합니다.
• 마이너스 상각. 더 적은 월 지불금으로 대출금을 완전히 상환하지 못하고 차용인의 총 원금 부채가 증가하는 경우. 모든 금리 변동 및
이러한 상황을 방지하려면 지불 일정 상한선을 조정해야 합니다.
• 선지급. 대출금에서 선지급하는 정기납입금을 2회 이상 합산하는 경우. 차용인은 자금을 최대한 활용하고 대출금을 사용할 합법적인 기회를 가져야 합니다.
• 금리 인상. 디폴트 이전보다 높은 비율이 있는 경우. 또한 보험수리적 방법보다 덜 유리한 방법으로 계산된 불이행 시 이자의 리베이트도 포함됩니다.
• 리베이트.
• 선불 벌금. 엄격히 금지 된.
• 부채의 가속화. 엄격히 금지 된. 채권자가 만기 전에 대출을 요청할 수 있도록 하는 모든 조항을 포함합니다. 사기, 중대한 허위 진술, 불이행 또는 담보 재산 손상과 같은 소비자의 특정 행동만이 대출 기관이 대출을 요청할 수 있도록 합니다.
추가 금지 사항 – 또한 규정 Z에 따라 HOEPA 기준을 충족하는 대출을 승인하는 채권자는
• 차용인의 대출 상환 능력에 관계없이 차용인 재산의 담보 가치만을 기준으로 대출을 제공합니다(원금 및
완료 후 첫 7년 동안 예정된 이자).
• 주택 개조 대출에서 차용인이 아닌 다른 사람에게, 차용인과 주택 개조 계약자 또는 경우에 따라 에스크로 대리인에게 지불하는 자금.
• 새로운 대출이 차용인에게 최선의 이익이 되지 않는 한 처음 12개월 이내에 HOEPA 대출을 다른 HOEPA 대출로 재융자하십시오. 금지 사항은 다음에도 적용됩니다.
대출을 보유하거나 서비스하는 양수인.
• 융자 잔액에 포인트와 수수료를 융자합니다. 일정 정산 비용을 대출 금액으로 융자하는 것은 허용됩니다.
• 연체 월 납부액의 4%를 초과하는 연체료를 부과합니다.
• 차용인이 모기지 의무를 불이행하도록 권장합니다.
• 대출 수정 또는 대출 연기에 대한 수수료와 상환 명세서 수수료를 부과합니다.
2.30 HOEPA, SECTION 32 – High Cost Loans
In order to figure out whether a loan is a high-cost loan, we must compare our loan’s APR against the
Average Prime Offer Rate (APOR), as published weekly by the Federal Financial Institutions
Examination Council (FFIEC).
When a loan is determined to be a high cost loan, it must meet the requirements set by Section 32 of
HOEPA. For example, the borrower must receive a Section 32 disclosure three days prior to executing
the loan documents for the transaction.
Be careful not to confuse high-cost mortgage loans with “higher-priced loans.” Higher-priced loans
will be explained in the next section.
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APR Coverage Test – A loan is a high cost mortgage if the APR calculated with the locked-in rate
exceeds the Average Prime Offer Rate (APOR)* (which is an average of the APRs of prime borrowers
in the United States during the previous week), by more than:
• 6.5% on a first lien of $50,000 or higher
• 8.5% on a first lien less than $50,000
• 8.5% on second lien loans
Points and Fees Coverage Test – A loan is a high cost mortgage if the points and fees exceed the
following thresholds:
• 5% of the loan amount for loans equal to or greater than $21,549
• 8% of the total loan amount or $1077 for loan amounts less than $21,549
Prepayment Penalty Test – A transaction is a high cost mortgage, if a prepayment penalty is charged
for:
• More than 36 months after closing
• An amount more than 2% of the amount prepaid
Example – Applicant applied for a $100,000 loan and the Average Prime Offer Rate (APOR) was 4%.
The APR for the borrower is 10.625%, the points and fees are $6,100 and the prepayment penalty is
for 4 years and is quoted as 3% of the payoff amount. The following actions would trigger TILA section
32 or a High Cost loan designation:
1. APR Test – 10.625% APR (Exceeds APR threshold 4% + 6.5% (1st lien) = 10.5%)
2. Points and Fees Test – $6,100 fees (Exceeds threshold of 5% – $100,000 x 5% =$5,000)
3. Prepayment Penalty Test – 4 years and 3% of the payoff amount (Exceeds the 36-month
maximum prepayment period and exceeds the payoff penalty amount of 2%)
by usezloan | Nov 16, 2021 | Financial study
융자지식 247-Appraisal Prohibited Practices Under TILA.
2.27 Appraisal Prohibited Practices Under TILA.
Creditors, mortgage brokers and their affiliates are prohibited from coercing, influencing or
encouraging an appraiser to misstate the value of the dwelling. The law specifically prohibits:
• Implying to an appraiser that current or future retention of the appraiser depends on the
amount at which the appraiser values a consumer’s principal dwelling.
• Excluding an appraiser from consideration for future engagement because the appraiser
reports a value of a consumer’s principal dwelling that does not meet or exceed a minimum
threshold.
• Telling an appraiser a minimum reported value of a consumer’s principal dwelling that is
needed to approve the loan.
• Failing to compensate an appraiser because the appraiser does not value a consumer’s
principal dwelling at or above a certain amount.
• Conditioning an appraiser’s compensation on loan consummation.
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• In addition, a creditor cannot extend credit if the creditor knows, at or before closing, that
improper coercion has occurred by anyone unless the creditor can document that it has acted
with reasonable diligence to determine that the appraisal does not materially misstate or
misrepresent the dwelling’s value.
The following practices are not prohibited:
• Asking an appraiser to consider additional information about the dwelling or comparable
properties.
• Asking an appraiser to correct factual errors.
• Obtaining multiple appraisals of a consumer’s principal dwelling, as long as the creditor
adheres to a policy of selecting the most reliable appraisal, rather than the appraisal that
states the highest value.
• Withholding compensation from an appraiser for breach of contract or substandard
performance of services as provided by contract.
2.28 TILA Record Retention
A creditor must retain evidence of compliance with this regulation for 2 years after the date
disclosures are required to be made or action is required to be taken. For the loan estimate,
document must be kept for 3 years and the closing disclosure must be kept for 5 years.
by usezloan | Nov 16, 2021 | Financial study
융자지식 246-TILA Advertising Disclosures
2.25 TILA Advertising Disclosures
Before TILA, some advertisers generally only disclosed the most attractive credit terms, distorting the
true cost of financing. For example, the ad could have included the low monthly payments (e.g., $350
a month) without indicating the large down payment necessary to qualify for that payment level.
Anyone who places advertising that references consumer credit is required to follow the advertising
provisions of TILA. In addition, if specific loan terms are shown in an ad, those terms must be actually
available.
The Act requires the advertiser to tell the whole story and tell it clearly and conspicuously. Regulation
Z provides that when certain loan terms, called trigger terms, are set forth in an advertisement,
several other terms must be disclosed as well.
If an advertisement contains any one of the triggering terms about the loan as specified in TILA, that
advertisement must also include the required disclosures. Examples of triggering terms in
advertisements include:
• Amount of the down payment (e.g., “15% down”)
• Amount of any payment (e.g., “Pay only $400 per month”)
• Number of payments (e.g., “Only 360 monthly payments”)
• Period of repayment (e.g., “30-year financing available”)
• Amount of any finance charge (e.g., “2% finance charge”)
When trigger terms are used, the advertisement must also state all of the following terms:
• The amount or percentage of the down payment.
• The terms of repayment.
• The annual percentage rates.
Examples of terms that do not trigger required disclosures include:
• “5% Annual Percentage Rate loan available here.”
• “Easy monthly payments.”
• “FHA financing available” or “100% VA financing available.”
• “Terms to fit your budget.”
2.26 Prohibitions in Advertising
Regulation Z includes a list of seven (7) prohibited practices when advertising closed-end mortgage
loans. The prohibitions are based on “…an extensive review of advertising copy and other outreach
efforts…” that allowed the Federal Reserve to identify misleading and deceptive practices in the
advertisement of mortgage loans.
Following are the seven practices that are prohibited in closed-end mortgage loans and some of the
examples that the Federal Reserve offers, in its Staff Commentary, of prohibited advertisements:
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1. Misleading advertising of “fixed” rates and payments. Today, mortgage products are
complex, and there are many that combine fixed and variable rates, such as a stepped-rate
mortgage with an initial lower rate that is subject to an increased fixed rate. The use of the
word “fixed” in advertisements for these types of loans is prohibited unless there is
conspicuous and equally prominent information about variable rates and increasing
payments.
2. Misleading comparisons in advertisements. Comparisons between an advertised mortgage
and a hypothetical loan that a consumer may have are prohibited unless the ad includes the
requisite disclosures regarding APRs and payments. An advertisement to “save $300 per
month on a $300,000 loan” is an implied and prohibited comparison between the payment
due on the advertised loan and a consumer’s current loan payments.
3. Misrepresentations about government endorsement. Statements that lead consumers to
the incorrect assumption that a mortgage product is endorsed by the government are illegal.
4. Misleading use of the current lender’s name. Some lenders and mortgage brokers have
made direct solicitations that lead consumers to the incorrect assumption that their own
lender is contacting them with information on mortgage products.
5. Misleading claims of debt elimination. This involves claiming debt elimination when one debt
merely replaces another debt.
6. Misleading use of the term counselor. An advertisement cannot refer to a for-profit lender,
mortgage broker or its employees as a “counselor.”
7. Misleading foreign-language advertisements. Some advertisements target immigrants who
lack fluency in English by advertising favorable lending terms in their first language, while
providing information on the additional and less favorable lending terms in English.
Regulation Z prohibits the use of misleading terms in advertisements for home equity loans. “Free
Money!” is an example that the regulations give of a misleading and, therefore, prohibited term.
Regulation Z also prohibits misleading statements regarding tax deductions for interest paid on home
equity loans.
by usezloan | Nov 15, 2021 | Financial study
융자지식 245-Right of Rescission
2.24 Right of Rescission
TILA allows borrowers to have the right to cancel certain credit transactions. This right is the right of
rescission. Rescind means to take back or withdraw an offer or contract. The right of rescission is
required for refinance transactions on a borrower’s principal residence. When the borrower
refinances, the original loan obligation is paid off with a new loan.
If a borrower rescinds, the borrower is entitled to a full refund of any funds given to anyone
connected with the transaction, including appraisal fees and credit report fees, even if the originating
company has incurred an expense relating to these charges.
Rescission applies to any credit transaction involving the establishment of a security interest (for
example, a mortgage or deed of trust) in a principal residence, such as:
• Home equity loans
• Home improvement loans
• Refinances
• Home equity lines of credit
This right of rescission does not apply to the following:
• Purchase loans (which protect sellers who may have entered into another contract or
purchased a home contingent on the buyers purchasing their present home)
• Construction loans (which protect builders who may have performed services based on the
buyer’s commitment)
• Commercial loans
• Loans on vacation or second homes
• Transactions in which a state agency is a creditor
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Some specific items to consider when it comes to the Right of Recession include:
• When more than one consumer has the right to rescind, the exercise of the right by one
consumer is effective for all consumers.
• If a consumer chooses to exercise the right to rescind, the mortgage is void, and the creditor
must return any money collected related to the loan within 20 calendar days. The consumer
has no liability for the loan, including finance charges.
• The day of signing is NOT included in the three-day calculation. Therefore, if recession
happens on a Monday, the three-day rescission period lasts through Thursday at 11:59pm
(midnight). The first opportunity to fund the loan would be Friday.
• Under TILA, when calculating the right of rescission, the definition of a business day includes
any day except legal federal holidays and Sunday. Thus, Saturday can be included in the day
count, but Sunday and legal federal holidays cannot.
Notice of Right to Rescind – Creditors must inform consumers of their right to rescind by providing
two (2) copies of a Notice of Right to Rescind document to each consumer entitled to rescind (if not
properly notified).
Extended Right of Rescission – Consumers may have the right to an extended rescission period of up
to three (3) years under these circumstances:
• The creditor fails to properly notify (i.e. provide two copies of the notice) consumers of the
right to rescind.
• The creditor does not provide the consumer with the required material disclosures (or the
required corrected redisclosures).
by usezloan | Nov 15, 2021 | Financial study
융자지식 244-APR Accuracy and Redisclosure
APR Accuracy and Redisclosure
According to Regulation Z, the annual percentage rate is generally considered accurate if it does not
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vary above or below the APR initially disclosed by more than:
• 1/8% (.125) for a regular transaction (30-year fixed/Traditional Mortgage)
• 1/4% (.25) for an irregular transaction (Not a 30-year fixed/Non-traditional mortgage)
An irregular transaction is defined as one that includes one or more of the following features:
• Multiple advances
• Irregular payment periods
• Irregular payment amounts (other than an irregular first period or irregular first and final
payment)
If a change renders the APR inaccurate prior to loan consummation, TILA requires that the borrower
be given a corrected disclosure of all terms.
• The consumer must receive the corrected Closing Disclosure no later than three (3) days prior
to loan consummation or the corrected Loan Estimate no later than four (4) business days
prior to loan consummation.
• If the corrected disclosures are mailed or delivered by some method other than in person, the
consumer is considered to have received them three (3) business days after they were mailed.
A borrower may be able to waive the waiting periods if there is a bona fide personal financial
emergency (lender determines if it’s a valid emergency). Also, remember that consumers are not
required to continue with the loan during these waiting periods simply because the creditor provided
these disclosures.
2.23 The Mortgage Disclosure Improvement Act (MDIA)
The Mortgage Disclosure Improvement Act (MDIA) states that:
▪ Initial disclosures are required within three (3) business days of receipt of completed
application.
▪ Earliest consummation is on the 7th business day after disclosures delivered/mailed.
▪ If redisclosure is required – consumer must receive corrected disclosure at least 3 business
days before loan can be consummated.
Example 1: The creditor takes an application for a fixed rate loan on Tuesday, June 1 and mails the
Loan Estimate the next day, Wednesday, June 2. The earliest the loan can close is the following
Thursday, June 10, the seventh business day after mailing the initial disclosure (assuming no legal
federal holidays occur during the waiting period).
by usezloan | Nov 9, 2021 | Financial study
융자지식 243- Vs. 2.20 연이율(APR) VS 금융 수수료
2.20 연이율(APR)
APR은 차용인에게 총 융자 금액에 대한 총 융자 비용의 관계를 백분율로 나타낸 융자 융자 총 비용을 알려줍니다. 주택담보대출의 경우 연이율을 공개하는 것은 매우 중요합니다. APR은 대출과 관련된 특정 금융 비용을 반영하며,
대출 기간 동안 분산됩니다. 따라서 APR은 일반적으로 어음 이자율보다 높습니다.
APR은 단순히 어음에 나타나는 이자율이 아닙니다! APR은 차용인에게 총 융자 금액에 대한 총 융자 비용의 관계를 백분율로 나타낸 융자 융자 총 비용을 알려줍니다.
2.21 금융 수수료
금융 수수료는 달러 금액으로 소비자 신용 비용입니다. 여기에는 소비자가 직간접적으로 지불하고 신용 연장의 조건으로 채권자가 직간접적으로 부과하는 모든 요금이 포함됩니다.
APR 계산을 위해 금융 수수료로 간주되는 수수료는 아래에서 확인하십시오.
• 이자, 시간, 가격 차이 및 추가 요금의 추가 또는 할인 시스템에 따라 지불할 금액
• 서비스, 거래, 활동 및 휴대 요금(예금 또는 기타 거래 계좌에 부과된 요금이 신용 기능이 없는 유사한 계정의 요금을 초과하는 범위까지 포함)
• 포인트, 대출 수수료, 인수 수수료, 찾기 수수료 및 이와 유사한 수수료
Interest, time, price differential and any amount payable under an add-on or discount system
of additional charges
• Service, transaction, activity and carrying charges, including any charge imposed on a checking
or other transaction account to the extent that the charge exceeds the charge for a similar
account without a credit feature
• Points, loan fees, assumption fees, finder’s fees and similar charges
APR 계산에 포함된 항목을 기억하는 또 다른 방법: 주택 구매자가 주택 가격을 현금으로 지불하는 경우 주택 구매자는 이러한 수수료를 지불할 필요가 없습니다.
금융 요금에서 제외된 요금(제3자가 청구하는 요금):
• 판매자 포인트
• 신용 연장을 위한 담보로 사용되는 정기예금에 대해 법률에서 요구하는 이자 감소로 인해 몰수된 이자
• 소유권 심사, 소유권 요약, 소유권 보험, 재산 조사 및 이와 유사한 목적을 위한 수수료를 포함하여 진실되고 합리적인 금액인 경우 부동산 담보 거래 또는 주거 모기지 거래 수수료
• 증서, 모기지, 환수 또는 정산 서류와 같은 대출 관련 서류 준비 수수료
• 공증인 및 신용 보고서 수수료
• 부동산 감정 수수료 또는 부동산의 가치 또는 상태를 평가하기 위한 검사 수수료
서비스가 폐쇄 전에 수행되는 경우(해충 침입 또는 홍수 위험 결정과 관련된 수수료 포함)
• 금액이 금융 비용에 포함되지 않는 경우 에스크로 또는 수탁자 계정에 지불해야 하는 금액
• Seller’s points
• Interest forfeited as a result of an interest reduction required by law on a time deposit used as
security for an extension of credit
• Fees in a transaction secured by real property or in a residential mortgage transaction, if bona
fide and a reasonable amount, including fees for title examination, abstract of title, title
insurance, property survey and similar purposes
• Fees for preparing loan-related documents, such as deeds, mortgages and reconveyance or
settlement documents
• Notary and credit report fees
• Property appraisal fees or fees for inspections to assess the value or condition of the property
if the service is performed prior to closing, including fees related to pest infestation or flood
hazard determinations
• Amounts required to be paid into escrow or trustee accounts if the amounts would not
otherwise be included in the finance charge
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