Answer:
You are making a HOEPA loan to a consumer that can't afford a $100 fee? I think you need to review your underwriting criteria.
HOEPA Consuling Fee-Added as Free Charge?
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Question:
When the bank is refinancing a loan and the loan is subject to HOEPA, the customer has to go to consuling. After the LE is given, the customer comes back and says he cannot afford the $100.00 consuling fee. Can that fee be added as a fee charge or should it be added to the amount requested? If added to the amount requested, does this trigger a right of rescission?
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