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:
Loan flipping means making a home loan to a borrower who refinances an existing
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).
Examples of Loan flipping in a sentence
Loan flipping allows borrowers to extend their loans by rolling over the first loan into a new.
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: