Is there a product discount point
where consumers would forsake these principles?
To be excluded, a bona fide discount point
for a closed-end loan paid by the borrower for the purpose of reducing the interest rate and the interest rate reduction per discount point
paid must be consistent with established industry practices.
5 percent discount, which is not a bona fide discount point
because it wasn't used to lower the rate.
44%, with borrowers paying 1% in discount point
plus closing costs.
I explained at the meeting and in my letter that the term bona fide discount point
must be clearly defined because the nature of the reduction can make it vary considerably, depending on such circumstances as the rate and the present value of the dollar at the time of origination.
payments made by consumers would need to he bona fide, and used solely to buy down the interest rate.
Under Miller-Watt-Frank, this borrower would not be able to choose the prepayment and discount point
terms to make the loan more affordable.
The amendments include (1) an amended Consumer Complaint Notice and a new Mortgage Broker Recovery Fund Notice, (2) new prohibitions and requirements concerning labeling a fee a discount point
and (3) new advertising requirements.
15, the CFPB released new HMDA reporting requirements, under which credit unions will have to collect new facts, including an applicant's debt-to-income ratio, the interest rate of the loan and the discount points
charged for the loan.
He said: "We have to try to continue winning in the Premier League to discount points
on the leaders.