What types of loans are covered by HMDA?
Generally, a loan or line of credit must be secured by a dwelling to be a covered loan. Regulation C also lists closed-end mortgage loans and open-end lines of credit secured only by vacant or unimproved land as excluded transactions.
What is banking regulation C?
Regulation C is the regulation that implements the Home Mortgage Disclosure Act of 1975. Regulation C requires many financial institutions to annually disclose loan data about the communities to which they provided residential mortgages.
What is TILA Reg Z?
TILA promotes the informed use of consumer credit by requiring timely disclosure about its costs. It also includes substantive provisions such as the consumer’s right of rescission on certain mortgage loans and timely resolution of billing disputes.
What fees are considered APR fees?
APR fees are the additional costs incurred when getting a mortgage loan. The APR reflects the annual cost of the loan, including the interest rate plus other charges. It’s expressed as a percentage, such as 3.0 percent. APR fees on a mortgage typically include charges like origination fees and discount points.
What is not included in finance charges?
Charges Never Included Taxes, license fees, or registration fees paid by both cash and credit customers are generally not finance charges. Also, to the extent a charge imposed by a creditor exceeds the same charge in a comparable cash transaction, the difference is a finance charge.
What fees are prepaid finance charges?
A prepaid finance charge is an upfront cost associated with a loan agreement and must be paid in addition to standard loan payments. These costs add to the costs of a loan in full before the loan is advanced. Types of prepaid finance charges include origination fees, underwriting fees, and document fees.
What is excluded from the finance charge?
Charges Excluded from Finance Charge: 1) application fees charged to all applicants, regardless of credit approval; 2) charges for late payments, exceeding credit limits, or for delinquency or default; 3) fees charged for participation in a credit plan; 4) seller’s points; 5) real estate-related fees: a) title …