The New York State Banking Board has revised Part 41 of the board’s General Regulations -- the restrictions and limitations on high-cost home loans -- to make it consistent with the state's recently passed predatory lending law.The revisions include an expansion of the definition of points and fees, a reduction in the allowable points and fees threshold on a high-cost home loan, and restrictions on when a lender can charge points and fees at all. Another amendment requires lenders to make extra efforts to ensure that the borrower has the ability to repay the loan.
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