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5.4.7 Flashcard Review
Amanda Ukasick
Created on September 24, 2025
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What defines a subprime home loan in New York?
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First-lien APR >1.75% above average; subordinate-lien APR >3.75% above average, based on Freddie Mac PMMS.
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What key provisions apply to subprime home loans?
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No negative amortization, balloon, teaser <6 months, prepayment penalties, unnecessary fees, or unfair arbitration; must assess repayment ability and disclose counseling.
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What is the good faith exception for subprime loans?
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Lender avoids violation if they notify borrower, fix errors, and adjust the loan before legal action or harm occurs.
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