§ 6.1-422.1. (Repealed effective October 1, 2010) "Flipping" prohibited.
A. As used in this section, "flipping" a mortgage loan means refinancing amortgage loan within 12 months following the date the refinanced mortgageloan was originated, unless the refinancing is in the borrower's bestinterest. Factors to be considered in determining the same would include butnot be limited to whether:
1. The borrower's new monthly payment is lower than the total of all monthlyobligations being financed, taking into account the costs and fees;
2. There is a change in the amortization period of the new loan;
3. The borrower receives cash in excess of the costs and fees of refinancing;
4. The borrower's note rate of interest is reduced;
5. There is a change from an adjustable to a fixed rate loan, taking intoaccount costs and fees; or
6. The refinancing is necessary to respond to a bona fide personal need or anorder of a court of competent jurisdiction.
B. No mortgage lender or broker shall knowingly or intentionally engage inthe act or practice of "flipping" a mortgage loan. This provision shallapply regardless of whether the interest rate, points, fees, and charges paidor payable by the borrower in connection with the refinancing exceed anylimitation established pursuant to Article 9 (§ 6.1-330.69 et seq.) ofChapter 7.3 of this title.
C. The Attorney General, the Commission, or any party to a mortgage loan mayenforce the provisions of this section or § 6.1-422.
D. In any suit instituted by a borrower who alleges that the defendantviolated this section or § 6.1-422, the presiding judge may, in the judge'sdiscretion, allow reasonable attorneys' fees to the attorney representing theprevailing party, such attorneys' fees to be taxed as a part of the courtcosts and payable by the losing party, upon a finding by the presiding judgethat (i) the party charged with the violation has willfully engaged in theact or practice with which he was charged; or (ii) the party instituting theaction knew, or should have known, that the action was frivolous andmalicious.
E. The provisions of this section shall be in addition to, and shall notimpair, the rights of and remedies available to borrowers in mortgage loansotherwise provided by law.
§ 6.1-422.1. (Repealed effective October 1, 2010) "Flipping" prohibited.
A. As used in this section, "flipping" a mortgage loan means refinancing amortgage loan within 12 months following the date the refinanced mortgageloan was originated, unless the refinancing is in the borrower's bestinterest. Factors to be considered in determining the same would include butnot be limited to whether:
1. The borrower's new monthly payment is lower than the total of all monthlyobligations being financed, taking into account the costs and fees;
2. There is a change in the amortization period of the new loan;
3. The borrower receives cash in excess of the costs and fees of refinancing;
4. The borrower's note rate of interest is reduced;
5. There is a change from an adjustable to a fixed rate loan, taking intoaccount costs and fees; or
6. The refinancing is necessary to respond to a bona fide personal need or anorder of a court of competent jurisdiction.
B. No mortgage lender or broker shall knowingly or intentionally engage inthe act or practice of "flipping" a mortgage loan. This provision shallapply regardless of whether the interest rate, points, fees, and charges paidor payable by the borrower in connection with the refinancing exceed anylimitation established pursuant to Article 9 (§ 6.1-330.69 et seq.) ofChapter 7.3 of this title.
C. The Attorney General, the Commission, or any party to a mortgage loan mayenforce the provisions of this section or § 6.1-422.
D. In any suit instituted by a borrower who alleges that the defendantviolated this section or § 6.1-422, the presiding judge may, in the judge'sdiscretion, allow reasonable attorneys' fees to the attorney representing theprevailing party, such attorneys' fees to be taxed as a part of the courtcosts and payable by the losing party, upon a finding by the presiding judgethat (i) the party charged with the violation has willfully engaged in theact or practice with which he was charged; or (ii) the party instituting theaction knew, or should have known, that the action was frivolous andmalicious.
E. The provisions of this section shall be in addition to, and shall notimpair, the rights of and remedies available to borrowers in mortgage loansotherwise provided by law.
§ 6.1-422.1. (Repealed effective October 1, 2010) "Flipping" prohibited.
A. As used in this section, "flipping" a mortgage loan means refinancing amortgage loan within 12 months following the date the refinanced mortgageloan was originated, unless the refinancing is in the borrower's bestinterest. Factors to be considered in determining the same would include butnot be limited to whether:
1. The borrower's new monthly payment is lower than the total of all monthlyobligations being financed, taking into account the costs and fees;
2. There is a change in the amortization period of the new loan;
3. The borrower receives cash in excess of the costs and fees of refinancing;
4. The borrower's note rate of interest is reduced;
5. There is a change from an adjustable to a fixed rate loan, taking intoaccount costs and fees; or
6. The refinancing is necessary to respond to a bona fide personal need or anorder of a court of competent jurisdiction.
B. No mortgage lender or broker shall knowingly or intentionally engage inthe act or practice of "flipping" a mortgage loan. This provision shallapply regardless of whether the interest rate, points, fees, and charges paidor payable by the borrower in connection with the refinancing exceed anylimitation established pursuant to Article 9 (§ 6.1-330.69 et seq.) ofChapter 7.3 of this title.
C. The Attorney General, the Commission, or any party to a mortgage loan mayenforce the provisions of this section or § 6.1-422.
D. In any suit instituted by a borrower who alleges that the defendantviolated this section or § 6.1-422, the presiding judge may, in the judge'sdiscretion, allow reasonable attorneys' fees to the attorney representing theprevailing party, such attorneys' fees to be taxed as a part of the courtcosts and payable by the losing party, upon a finding by the presiding judgethat (i) the party charged with the violation has willfully engaged in theact or practice with which he was charged; or (ii) the party instituting theaction knew, or should have known, that the action was frivolous andmalicious.
E. The provisions of this section shall be in addition to, and shall notimpair, the rights of and remedies available to borrowers in mortgage loansotherwise provided by law.
