Answer:
HOEPA only looks at the fees required to CLOSE the loan. MOB charged at closing is included in the HOEPA, but the monthly premiums charged after closing are not included.
First published on BankersOnline.com 8/15/05
Calculation of HOEPA Fee Trigger/ MOB Not Included
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Question:
Can you explain why MOB (monthly outstanding balance) credit life/A and H insurance is not used in the calculation of the HOEPA fee trigger?
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