Sep 15

high cost mortgage loan

September 15, 2017

Define: high cost mortgage loan

Definition: A high cost mortgage loan is a mortgage loan where the APR exceeds the Average Prime Offer Rate (APOR) by 6.5 percent for a first-lien mortgage or 8.5 points for a subordinate lien loan, total lender and broker fees exceed 5 percent of the loan amount, and the loan has a prepayment penalty in effect for more than 3 years or the prepay penalty exceeds 2 percent of the amount prepaid.

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high cost mortgage loan

Define: high cost mortgage loan

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