Which fee is NOT included when calculating points and fees for HOEPA purposes?
Correct Answer
C) Title insurance premiums
Title insurance premiums are generally excluded from the points and fees calculation under HOEPA. Included items are origination fees, broker fees, credit insurance premiums, and certain other charges paid to the lender or loan originator.
Why This Is the Correct Answer
Title insurance premiums are generally excluded from the points and fees calculation under HOEPA. Included items are origination fees, broker fees, credit insurance premiums, and certain other charges paid to the lender or loan originator.
More Federal Laws Questions
A mortgage broker's website states 'Qualified borrowers can get loans with down payments as low as 3%.' Which statement about TILA advertising requirements is correct?
A loan's APR increases from 4.25% on the Loan Estimate to 4.35% on the Closing Disclosure due to a rate lock expiration. What action is required?
A lender originates a mortgage that meets all QM requirements. Three years later, the borrower defaults and claims the lender violated the ATR rule. What legal protection does the lender have?
For a closed-end mortgage loan, when must the creditor provide the Closing Disclosure to the borrower?
Which of the following documents must be provided to trigger the start of the 3-day rescission period?
People Also Study
General Mortgage Knowledge
23% of exam
Mortgage Loan Origination Activities
25% of exam
Ethics, Fraud & Consumer Protection
17% of exam
Uniform State Test Content
12% of exam
Previous Question
Under BSA requirements, records of SARs must be maintained by the filing institution for a minimum of:
Next Question
A community bank with $500 million in assets originated 75 home purchase loans, 15 refinance loans, and 10 home improvement loans secured by dwellings last year. What is their HMDA reporting obligation?