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The rate-based trigger is lowered by 2 percentage points for first-lien mortgage loans. The fee-based trigger is revised to include the cost of optional credit insurance and similar debt protection products paid at closing. Disclosures Creditors offering HOEPA loans must give special disclosures to borrowers at least three days before closing.
A loan is considered high-cost if the borrower's principal dwelling secures the loan and one of the following is true: The loan's annual percentage rate APR exceeds a certain threshold. The amount of points and fees paid in connection with the transaction exceed a certain threshold. The prepayment penalties the lender charges under the loan or credit agreement exceed a certain amount or can be charged after a certain time period.
A loan is considered a high-cost mortgage if its APR as of the date the interest rate is set exceeds the Average Prime Offer Rate an annual percentage rate that is derived from average interest rates, points, and other loan pricing terms for a comparable transaction on that date by more than: 6. These figures are adjusted annually.
If the loan is indeed a high-cost mortgage, a prepayment penalty is not allowed. Counseling Requirements Before providing a high-cost mortgage, a lender must ensure that the borrower receives counseling on the advisability of such a mortgage from a HUD-approved counselor or a state housing finance authority.
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