Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Is the highlighted section citation the correct portion of the code referenced ' But, if a discount point is necessary to originate the loan, rather

Is the highlighted section citation the correct portion of the code referenced

image text in transcribed
' But, if a discount point is necessary to originate the loan, rather than an option to the borrower, it is no longer prepaid interest, but a fee, subject to the fee cap found at 7 Tex. Admin. Code 89.601(b)-(c). Norwood,'418 S.W.3d at 596 (discount points are not fees needed to originate the loan); 7 Admin. Code 89;'6'0,1(d)(3); Ex. A. Upon realizing that some property tax lenders were not using discount points in a way that complies with applicable law, the Finance Commission and OCCC adopted rules to provide guidance to 5 property tax lenders' on the use of legitimate discount points,2 \"to ensure transparency in connection with ' discount points and to enable the borrower to make an informed decision before closing.\" 40 TeX. Reg. 2353; Ex. B

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Federal Administrative Law

Authors: Gary Lawson

9th Edition

1647086396, 978-1647086398

More Books

Students also viewed these Law questions