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HOEPA Lender Compliance Guide | HOEPA Pre-purchase Counseling

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HOEPA Lender Compliance Guide

As a nonprofit HUD-approved housing counseling agency, credit.org has compiled important information you need to know about the new regulations. All the key compliance information you need to know is condensed into this short outline for quick reading.

Overview

The Home Ownership and Equity Protection Act (HOEPA) was enacted in 1994 as an amendment to the...

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HOEPA Pre-purchase Counseling | HOEPA.org - Official ...

Open-end credit plans (i.e. HELOCs)

Loans Exempt from HOEPA Coverage

Reverse mortgages

Construction Loans (applies to only the initial construction of a new dwelling)

Loans originated and directly financed by Housing Finance Agency (HFA)

Loans originated under the U.S. Department of Agriculture (USDA's) Rural Development Loan Program

Mortgages secured by vacation or second homes

How to Determine if a Loan is Considered a "High-Cost Mortgage"

A loan is considered high-cost...

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