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Loanfactz Definitions
Glossary of Legal Terms, Loan Terms and Home Construction, Repair and Maintenance Definitions. Some words have more than one meaning. Only those meanings relating to this site will be used.
All of H
Home Ownership and Equity Protection Act (HOEPA) of 1994
Requires disclosures and imposes substantive limitations on mortgage transactions having rates or fees above a certain percentage or amount. It also requires disclosures about the potential costs for reverse mortgages. If a refinancing or a home equity loan is classified as high cost, the lender must provide key information about the loan three days before closing on the loan. The Home Ownership and Equity Protection Act (HOEPA) also prohibits lenders from making a home equity loan without regard to a borrower's ability to repay. Amended the Truth in Lending Act. More about the HOEPA
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