Hooley, who averaged 15 points entering the tournament, scored 22 in the first half - a day after dropping 30 in the quarterfinals.
Gary Johnson added 17 points and 13 rebounds for the host Great Danes (17-14), who never trailed. Defending champion Albany took out the top seed for the second year in a row.
Clancy Rugg and Luke Apfeld scored 13 points apiece for the Catamounts (22-10), who lost once in the conference and swept two regular-season games with Albany by a combined 40 points. Vermont had won 11 in a row and 18 of 19.
Albany faces No. 2 seed Stony Brook in the title game on Saturday.