KY SB157

Amends KRS 286.8-125 to cap total net income that mortgage licensees can generate on residential real property loans in Kentucky at the greater of $2,000 or 4% of the total loan amount

Creates an exemption for loans where total points and fees do not exceed the threshold in federal regulation 12 C.F.R. sec. 1026.43(e)(3), which defines qualified mortgages

Defines "total net income" to include origination fees, broker fees, lender fees, discount points retained as income, processing fees, administrative fees, document preparation fees, yield spread premiums, servicing release premiums, and financial counseling fees

Excludes from "total net income" interest on the mortgage loan itself and fees paid to compensate unaffiliated third parties

Applies only to mortgage contracts entered into on or after the effective date of the Act