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Mortgage Lending: NEVADA

Nev. Rev. Stat. §§ 598D.010 to 598D.150

Scope: Home loans as defined in § 598D.040.

Net Tangible Benefit Requirement for Refinancings: None.

Ability to Repay: Prohibited to knowingly or intentionally make a home loan without determining, using any commercially reasonable means, that borrower has ability to repay loan (§ 598D.100).

Loan Counseling: None.

Disclosures: None.

Negative Amortization: None.

Limits on Points and Fees: None.

Mortgage Lending: NEW JERSEY

N.J. Stat. Ann. §§ 46:10B-1 to 46:10B-15, 46:10B-22 to 46:10B-35 (West); N.J. Admin. Code §§ 3:25-4, 3:30-1.1 to 3:30-9.1

Scope: High-cost home loans as defined in § 46:10B-24, mortgage loans as defined in § 46:10B-2, and graduated payment mortgages as defined in § 46:10B-12.

Net Tangible Benefit Requirement for Refinancings: None.

Ability to Repay: None.

Mortgage Lending: NEW MEXICO

N.M. Stat. Ann. §§ 58-21A-1 to 58-21A-14

Scope: Home loans and high-cost home loans as defined in § 58-21A-3.

Net Tangible Benefit Requirement for Refinancings: Refinancing of existing home loan must provide borrower reasonable, tangible net benefit (§ 58-21A-4(B)).

Ability to Repay: Documentation and analysis of borrower’s reasonable ability to repay home loan and costs required (§ 58-21A-4(C), (D)).

Mortgage Lending: NEW YORK

N.Y. Banking Law §§ 6-l, 6-m (McKinney); N.Y. Real Prop. Acts. Law § 1302 (McKinney); N.Y. Comp. Codes R. & Regs. tit. 3, pt. 41

Scope: High-cost home loans as defined in N.Y. Banking Law § 6-l, subprime home loans as defined in N.Y. Banking Law § 6-m.

Mortgage Lending: NORTH CAROLINA

N.C. Gen. Stat. §§ 24-1.1E, 24-1.1F, 24-10.2

Scope: High-cost home loans as defined in § 24-1.1E(a), consumer home loans as defined in § 24-10.2. Rate spread home loans as defined in § 24-1.1F(a1).

Net Tangible Benefit Requirement for Refinancings: Refinancing of existing consumer home loan must provide borrower reasonable, tangible net benefit (§ 24-10.2).

Mortgage Lending: OHIO

Ohio Rev. Code Ann. §§ 1343.011, 1345.01 to 1345.031, 1349.25 to 1349.36 (West)

Scope: Residential mortgages as defined in § 1345.01, covered loans as defined in § 1349.25.

Net Tangible Benefit Requirement for Refinancings: Refinancing of existing residential mortgage must provide borrower reasonable, tangible net benefit (§ 1345.031); refinancing of covered loan into another covered loan by same lender or assignee prohibited within one year unless refinancing in consumer’s interest (§ 1349.27).

Mortgage Lending: OKLAHOMA

Okla. Stat. tit. 14A, §§ 1-301(10), 3-309.4, 3-402, 3-410, 3-411, 4-113, 5-203

Scope: Subsection 10 mortgages as defined by tit. 14A, § 1-301(10).

Net Tangible Benefit Requirement for Refinancings: A creditor may not refinance any consumer loan to the same borrower into a subsection 10 mortgage unless the refinancing is in the borrower’s interest (tit. 14A, §§ 3-410, 3-411).

Mortgage Lending: OREGON

Or. Rev. Stat. §§ 86A.100, 86A.130, 86A.195

Scope: Mortgage loans as defined in § 86A.100(6).

Net Tangible Benefit Requirement for Refinancings: None.

Ability to Repay: Ability-to-repay evaluation is required for negatively amortizing loans (§ 86A.195).

Loan Counseling: None.

Disclosures: None.

Mortgage Lending: PENNSYLVANIA

63 Pa. Stat. and Cons. Stat. Ann. §§ 456.501 to 456.524 (West)

Scope: Covered loans as defined in 63 Pa. Stat. and Cons. Stat. Ann. § 456.503.

Net Tangible Benefit Requirement for Refinancings: None.

Ability to Repay: Prohibited to engage in pattern or practice of making covered loans based upon consumer’s collateral without regard to ability to repay (63 Pa. Stat. and Cons. Stat. Ann. § 456.512).

Mortgage Lending: RHODE ISLAND

R.I. Gen. Laws §§ 34-25.2-1 to 34-25.2-15; R.I. Admin. Code § 4-10-3:5

Scope: Home loans and high-cost home loans as defined in § 34-25.2-4.

Net Tangible Benefit Requirement for Refinancings: Refinancing of existing home loan within 60 months of loan origination must provide borrower a reasonable, tangible net benefit (§ 34-25.2-5).

Ability to Repay: Lender to make no high-cost home loan without reasonable belief that borrower has ability to repay (§ 34-25.2-6).

Mortgage Lending: SOUTH CAROLINA

S.C. Code Ann. §§ 37-23-10 to 37-23-85

Scope: Consumer home loans and high-cost home loans as defined by § 37-23-20.

Net Tangible Benefit Requirement for Refinancings: Refinancing of existing consumer home loan within 42 months of loan origination must provide borrower a reasonable, tangible net benefit (§ 37-23-70).

Ability to Repay: Lender to make no high-cost home loan without reasonable belief that borrower has ability to repay (§ 37-23-40).

Mortgage Lending: TENNESSEE

Tenn. Code Ann. §§ 45-20-101 to 45-20-111

Scope: High-cost home loan as defined in § 45-20-102.

Net Tangible Benefit Requirement for Refinancings: Refinancing of existing home loan or high-cost home loan within 30 months of loan origination with a high-cost home loan must provide borrower a reasonable benefit (§ 45-20-103).

Ability to Repay: Lender to make no high-cost home loan without reasonable belief that borrower has ability to repay (§ 45-20-103).

Mortgage Lending: TEXAS

Tex. Const. art. 16, § 50; Tex. Fin. Code Ann. §§ 343.102, 343.201 to 343.206 (West)

Scope: Homesteads as covered by Tex. Const. art. 16, § 50; high-cost home loans as defined in § 343.201.

Net Tangible Benefit Requirement for Refinancings: None.

Ability to Repay: Prohibited to engage in pattern or practice of making high-cost home loans based upon consumer’s collateral without regard to ability to repay (§ 343.204).

Mortgage Lending: UTAH

Utah Code Ann. §§ 61-2d-101 to 61-2d-113 (West)

Scope: High-cost mortgages as defined in § 61-2d-102.

Net Tangible Benefit Requirement for Refinancings: None.

Ability to Repay: None.

Loan Counseling: None.

Disclosures: Lender of high-cost mortgages must provide borrower information prepared by a federal or state authority in a form intended to inform consumers about home loans or consumer credit on financing or educational resources on financing (§ 61-2d-112).

Mortgage Lending: VERMONT

Vt. Stat. Ann. tit. 9, § 104

Scope: First lien mortgages securing loans that charge more than four points or bear interest at a rate more than three percent over the rate set under Vt. Stat. Ann. tit. 32, § 3108.

Net Tangible Benefit Requirement for Refinancings: None.

Ability to Repay: None.

Loan Counseling: None.

Disclosures: Lender must provide disclosures set forth in Vermont Banking Division Reg. B-98-02.

Negative Amortization: None.

Mortgage Lending: VIRGINIA

Va. Code Ann. §§ 6.2-1600, 6.2-1614, 6.2-1628

Scope: Mortgage loans as defined in § 6.2-1600.

Net Tangible Benefit Requirement for Refinancings: Lender may not knowingly or intentionally refinance a mortgage loan within 12 months unless the refinancing is in borrower’s best interest (§ 6.2-1614).

Ability to Repay: None.

Loan Counseling: None.

Disclosures: None.

Negative Amortization: None.

Limits on Points and Fees: None.

Prepayment Penalties: None.

Mortgage Lending: WASHINGTON

Wash. Rev. Code §§ 19.144.005 to 19.144.120

Scope: Residential mortgage loans as defined in § 19.144.010.

Net Tangible Benefit Requirement for Refinancings: None.

Ability to Repay: None.

Loan Counseling: None.

Disclosures: Disclosure of residential mortgage loan’s material terms required (§ 19.144.020).

Mortgage Lending: WEST VIRGINIA

W. Va. Code §§ 31-17-1, 31-17-8, 31-17-17

Scope: Primary and subordinate mortgage loans as defined in § 31-17-1.

Net Tangible Benefit Requirement for Refinancings: When loan origination fees, investigation fees, or points have been charged by a lender, broker or originator, those charges may not be imposed again in any refinancing of that loan or any additional loan on that property made within 24 months thereof, unless the new loan provides a reasonable, tangible net benefit to the borrower (§ 31-17-8).

Mortgage Lending: WISCONSIN

Wis. Stat. §§ 428.202 to 428.211

Scope: Covered loans as defined in § 428.202.

Net Tangible Benefit Requirement for Refinancings: No lender or assignee may refinance a covered loans within one year unless refinancing is in consumer’s interest (§ 428.203).

Ability to Repay: No lender may make covered loans based on borrower’s collateral without regard to borrower’s ability to repay (§ 428.203).

Loan Counseling: Statutory disclosure required before making covered loan (§ 428.208).

Mortgage Lending: § 160.1 General.

(a) Authority and scope. This part is being issued by the Office of the Comptroller of the Currency (OCC) under its general rulemaking and supervisory authority under the Home Owners’ Loan Act (HOLA), 12 U.S.C. 1462 et seq.

Mortgage Lending: § 160.110 Most favored lender usury preemption for all savings associations.

(a) Definition. The term “interest” as used in 12 U.S.C. § 1463(g) includes any payment compensating a creditor or prospective creditor for an extension of credit, making available of a line of credit, or any default or breach by a borrower of a condition upon which credit was extended. It includes, among other things, the following fees connected with credit extension or availability: numerical periodic rates, late fees, not sufficient funds (NSF) fees, overlimit fees, annual fees, cash advance fees, and membership fees.

Mortgage Lending: 12 U.S.C. § 3806. Adjustable rate mortgage caps

(a) In general

Any adjustable rate mortgage loan originated by a creditor shall include a limitation on the maximum interest rate that may apply during the term of the mortgage loan.

(b) Regulations

The Board of Governors of the Federal Reserve System shall prescribe regulations to carry out the purposes of this section.

(c) Enforcement