Loan flipping definition

Loan flipping. . “Flipping” a loan means the refinancing of an existing loan secured by owner-occu- pied residential real estate in the City of Cleveland on which there is situated a dwelling for not more than four families, a condominium unit, or a cooperative unit when:
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Loan flipping means making a home loan to a borrower who refinances an existing
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Loan flipping means to assist a person in refinancing a loan secured by the person’s principal residence for the primary purpose of receiving fees related to the refinancing when (i) the refinancing of the loan results in no tangible benefit to the person and (ii) at the time the loan is made, the financial institution does not reasonably believe that the refinancing of the loan will result in a tangible benefit to the person.” Id. § 2(e).
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Examples of Loan flipping in a sentence

  • Loan flipping has, since the beginning of the subprime market, been a prime tool for stripping the equity from homeowners.

  • Loan flipping is the practice of refinancing a loan frequently over a short time while charging the borrower fees for each transaction.

  • As the development of ground water has already reached an alarming stage in many blocks of this district, further development of ground water for creation of additional irrigation potential has to be carried out with extreme caution only in the blocks categorized other than “over exploited”.

  • Loan Flipping Loan flipping is the practice of repeatedly refinancing a mortgage loan without benefit to the borrower, in order to profit from high origination fees, closing costs, points, prepayment penalties and other charges, steadily eroding the borrower’s equity in his or her home.

  • Loan flipping often leads to instances where the fees paid for a payday loan well exceed the principal borrowed.

  • Loan flipping typically occurs when borrower is unable to meet scheduled payments, or repeatedly consolidates other unsecured debts into a new, home-secured loan at the urging of a lender.

  • Moreover, everyone can be a member of multiple groups simultaneously.

  • Loan flipping, which is a common prac- tice, is the renewing of loans at matu- rity by paying additional fees without any principal reduction.

  • Loan flipping occurs when lenders refinance mortgages for the purpose of generating additional fees and interest.

  • Loan flipping, which consists of refinancing a mortgage without any real economic benefits to the borrower.


More Definitions of Loan flipping

Loan flipping. . “Flipping” a loan means the making of a threshold or high cost loan to a borrower that refinances an existing loan secured by residential property in the City of Philadelphia when:
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Related to Loan flipping

  • Cannabis processing facility means a person that:

  • Educational facility means a structure available for use as a dormitory or other housing facility, including housing facilities for students, a dining hall, student union, administration building, academic building, library, laboratory, research facility, classroom, athletic facility, health care facility, and maintenance, storage, or utility facility, and other structures or facilities related thereto or required or useful for the instruction of students or the conducting of research or the operation of an institution for higher education, including parking and other facilities or structures essential or convenient for the orderly conduct of the institution for higher education, and shall include lands and interests in lands and landscaping, site preparation, furniture, equipment, machinery, and other similar items necessary or convenient for the operation of a particular facility or structure in the manner for which its use is intended, and any improvements necessary to a particular facility to make the facility more energy efficient. Educational facility does not include items as books, fuel, supplies, or other items the costs of which are customarily deemed to result in a current operating charge and does not include any facility used or to be used for sectarian instruction or as a place of religious worship, nor a facility which is used or to be used primarily in connection with a part of the program of a school or department of divinity for a religious denomination.

  • Load Shedding means the systematic reduction of system demand by temporarily decreasing load in response to transmission system or area capacity shortages, system instability, or voltage control considerations under Tariff, Part II or Part III.

  • Facility component means any part of a facility, including equipment.

  • State correctional facility means a facility or institution maintained and operated by the department.

  • Vending facility means automatic vending machines, cafeterias, snack bars, cart service, shelters, counters, and such other appropriate auxiliary equipment which may be operated by licensed managers and which is necessary for the sale of newspapers, periodicals, confections, tobacco products, foods, beverages, and other articles or services dispensed automatically or manually and prepared on or off the premises in accordance with all applicable health laws and including the vending or exchange of chances for any lottery authorized by State Law and conducted by an agency of a State within such State. [CFR 34, Part 395.1(X)]

  • Ambulatory surgical facility means a facility that:  Is licensed by the state where it is located.  Is equipped and operated mainly to provide for surgeries or obstetrical deliveries.  Allows patients to leave the facility the same day the surgery or delivery occurs.

  • Disposal facility means a facility or part of a facility at which hazardous waste is intentionally placed into or on any land or water, and at which waste will remain after closure. The term disposal facility does not include a corrective action management unit into which remediation wastes are placed.

  • credit meter means a meter where an account is issued subsequent to the consumption of electricity;

  • Cannabis cultivation facility means a person that:

  • Dry cleaning facility means an establishment with one or more dry cleaning systems.

  • Slug loading means any pollutant, including oxygen demanding pollutants, released in a discharge at a flow rate and/or pollutant concentration as to cause interference in the POTW.

  • Non-Administrator Ambulatory Surgical Facility means an Ambulatory Surgical Facility which does not meet the definition of an Administrator Ambulatory Surgical Facility.

  • Facility Production Limit means the production limit placed on the main product(s) or raw materials used by the Facility that represents the design capacity of the Facility and assists in the definition of the operations approved by the Director.

  • Operating Margin Customer means a Control Area purchasing Operating Margin pursuant to an agreement between such other Control Area and the LLC.

  • Transit-oriented facility means a facility that houses a transit station in a manner that promotes transit ridership or passenger rail use.

  • Processing facility means an establishment that prepares, treats, or converts tangible personal property into finished goods or another form of tangible personal property. The term includes a business engaged in processing agricultural, aquacultural, or maricultural products and specifically includes meat, poultry, and any other variety of food processing operations. It does not include an establishment in which retail sales of tangible personal property are made to retail customers.

  • Landing area means that part of a movement area intended for the landing or take-off of aircraft;

  • Correctional facility means a facility operated under the management and control of the Virginia Department of Corrections.

  • Facility means any real property (including all buildings, fixtures or other improvements located thereon) now, hereafter or heretofore owned, leased, operated or used by Holdings or any of its Subsidiaries or any of their respective predecessors or Affiliates.

  • Centralized prescription processing means the processing by a pharmacy of a request from another pharmacy to fill or refill a prescription drug order or to perform processing functions such as dispensing, drug utilization review, claims adjudication, refill authorizations, and therapeutic interventions.

  • Air navigation facility means any facility, other than one owned and operated by the United States, used in, available for use in, or designed for use in aid of air navigation, including any structures, mechanisms, lights, beacons, markers, communicating systems, or other instrumentalities or devices used or useful as an aid, or constituting an advantage or convenience to the safe taking off, navigation, and landing of aircraft, or the safe and efficient operation or maintenance of an airport, and any combination of any or all of such facilities.

  • Cannabis establishment means a cannabis cultivator, a cannabis manufacturer, a cannabis wholesaler, or a cannabis retailer.

  • Marijuana cultivation facility means an entity licensed to cultivate, prepare, and package marijuana and sell marijuana to retail marijuana stores, to marijuana product manufacturing facilities, and to other marijuana cultivation facilities, but not to consumers.

  • Outdoor cultivation means the cultivation of mature cannabis without the use of artificial lighting or light deprivation in the canopy area at any point in time. Artificial lighting is permissible only to maintain immature plants outside the canopy area.

  • Sewage sludge fee weight means the weight of sewage sludge, in dry U.S. tons, excluding admixtures such as liming materials or bulking agents. Annual sewage sludge fees, as per section 3745.11(Y) of the Ohio Revised Code, are based on the reported sludge fee weight for the most recent calendar year.