Posted by tyler on April 02, 2007 at 18:08:18:
I think you’d be best served with seeking an attorney that specializes in mortgage lending…you need specific state law opinion.
Compliant with Lending Securities Value - Posted by Tommy
Posted by Tommy on April 01, 2007 at 04:35:06:
I recently got my mortgage broker license and I?m trying to put together homeowners in default with private lenders.
To figure out how to stay compliant with the predatory lending law in Florida according to the FRB: H.15 Release--Selected Interest Rates--March 19, 2007.
Just so I understand if i am amortizing a loan over 30 year the most a lender can charge is 30year treasury for the preceding month plus 8 percentage points.
For example, go back to the March 15th the 30 year treasury on March 15th is
4.69 Plus 8 percent is 12.69.
So a lender can charge up to 12.69 and still be compliant is that correct?
Also if I understand Florida lending law i can charge up to 8% up front without being considered a high cost home loan, is that also correct?
Any input is appreciated.
Re: Compliant with Lending Securities Value - Posted by river city
Posted by river city on April 03, 2007 at 18:13:50:
The link you provided only shows annual yields. It has nothing to do with laws regarding mortgage lending. You need to speak with someone experienced in a mortgage company. Try this website and talk with the nation’s mortgage brokers: