(a) The Mortgage Awareness Program is a counseling and educational component that must be provided by the Director and the Commissioner. (b) The core curriculum of the Mortgage Awareness Program shall include all of the following: (1) Explanation of the amount financed. (2) Explanation of the finance charge. (3) Explanation of the annual percentage rate. (4) Explanation of the total payments. (5) Explanation of the loan costs, including broker's fees, finance charges, points, and origination fees. (6) Explanation of the right of rescission. (7) Explanation of foreclosure procedures. (8) Explanation of the significant debt ratios, including total debt to income, loan debt to income, and loan debt to value of residence. (9) Explanation of adjustable rate mortgage. (10) Explanation of balloon payments. (11) Explanation of credit options. (12) Explanation of each item that appears on a good faith estimate. (13) Explanation of pre-payment penalties. (c) Counseling session attendees must complete a personal income and expense statement, as well as a balance sheet, on forms provided by the Commissioner or the Director. (d) Prior to signing a certificate of completion, approved credit counselors shall privately discuss with each attendee that attendee's income and expense statement and balance sheet, as well as the terms of any loan the attendee currently has or may be contemplating, and provide a third party review to establish the affordability of the loan. (e) Counseling session attendees must be given a brochure that contains information covered by the Mortgage Awareness Program. (f) Any lender, prior to making a high risk home loan, shall inform the borrower in writing of the right to participate in the Mortgage Awareness Program. (g) No lender shall offer less favorable loan terms to a borrower due to a borrower's participation in the Mortgage Awareness Program. (h) Except as prohibited elsewhere in this Section, the borrower may waive participation in the program, provided that the waiver occurs no less than 2 business days after the day that the borrower receives the notice required by subsection (f) of this Section and that the waiver is in writing in a form approved by the Commissioner and the Director. fees, finance charges, points, and origination fees. including total debt to income, loan debt to income, and loan debt to value of residence. faith estimate.
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