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HOEPA |
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mandate for the first time the collection of lien status; property code (to distinguish between one- to four-family dwellings that are site-built and those that are manufactured homes); loan pricing; and HOEPA status CMMC's lending procedures also prohibit HOEPA loans, mandatory prepayment penalties, short-term subprime loans with balloon payments, loan-to-value ratios in excess of 100 percent, and mandatory arbitration. The most comprehensive and accurate solution available, the Mavent Expert System reviews loans for compliance against nearly 300 legislative acts, 200 license types, and the rules and regulations of over 60 regulatory authorities, and includes aspects of Truth-In-Lending Act (TILA), HOEPA, state and local high cost calculations, general state consumer credit laws, broker and lender licensing, an accurate Fannie Mae points and fees test, HMDA and OFAC. |
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