Ty and Kimberly Mitchell refinanced their home loan with Beneficial Loan and Thrift Co. They allege Beneficial violated the federal Home Ownership and Equity Protection Act (HOEPA) by charging excessive "points and fees" exceeding 8 percent of the amount borrowed, or $400, whichever is greater. The Mitchells argue the $455 appraisal fee, $821 title insurance fee, $67 phone bill and the $1,178 overstatement of the payoff amount for their old refinanced mortgage should be included in the total points and fees calculation of their new Beneficial mortgage. Purchase Bob Bruss reports online. Beneficial replied that the appraisal fee, title insurance fee, $67 phone bill and the $1,178 overstatement of the payoff on the old mortgage were paid to third parties so they should not be considered as "points and fees" charged for the new Beneficial mortgage. Therefore, Beneficial contends this mortgage transaction is not subject to regulation rules of the HOEPA federal law. If you were the judg...
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