Home Ownership and Equity Protection Act (HOEPA)

What it is

      An amendment to The Truth in Lending Act

      Special Protections for High-Interest Borrowers

      Imposes more stringent requirements on lenders if a loan is above a certain interest rate threshold

Did You Finance Your Home at an Excessively High Interest Rate?

Whether HOEPA requirements apply to your loan depends on several factors, including:

      Whether the loan was for an original or second mortgage (refinance)

      The size of the loan

      The loan structure, including fees and "points" paid at origination

If your original loan or refinance fall under the HOEPA guidelines, your lender had an obligation to provide specific disclosures before closing. They may also have violated bans on certain practices when extending a high-rate or high-fee loan.

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