Answer:
See OSC 226.4(c)(7) and look at number 3.
First published on BankersOnline.com 9/01/08
Full Amount of Fee as Prepaid Finance Charge
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Question:
We use life of loan flood determinations. Are we in compliance for listing the full amount of the fee as a prepaid finance charge? This fee affects the APR which ultimately affects the rate spread in HMDA reportable loans.
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