FI 413 Lecture 4: September+28 (1)
Document Summary
Readings: pages 69-74 from the course pack http://www. wsj. com/articles/airbnb-income-will-it-mess-with-your-mortgage-refi-1472488111. Home mortgage disclosure act requires lenders to fill out a standard form for each loan, providing property and applicant data why accepted or denied https://www. ffiec. gov/hmda/guide. htm http://files. consumerfinance. gov/f/201510_cfpb_hmda-executive-summary. pdf. Apr includes: discount points, loan origination fees, mortgage insurance premiums, mortgage broker fees, transaction fees. Apr does not include: application fees, survey, title, taxes, appraisal and credit report fees. http://www. sml. texas. gov/residentialmortgageloanoriginator/documents/rmlo_compliance_rep orting/rmlo_field_examination_resources/rmlo_apr_calculation_table. pdf. In what situations is it a poor estimate, and does the apr underestimate or overestimate the true cost: costs stay the same and interest rates don"t change. Mortgage lenders must make a reasonable and good faith determination that the borrower has a. Safe harbor provision: qualified mortgage (qm: if a mortgage is a qualified mortgage , then the borrower has a reasonable ability to repay . True: if a mortgage is not a qualified mortgage , then the borrower does not have a.
