Home Ownership and Equity Protection Act (HOEPA) of 1994
HOEPA combats abuses in the home equity lending market and places restrictions on, and requires added disclosures with respect to, certain high-cost mortgage loans. The disclosures are contained in an abbreviated disclosure statement given at least three days before closing, and the restrictions are on certain loan terms that are associated with abusive lending. Coverage depends on whether the loan's annual percentage rate or the total of points and fees exceeds a specified percentage or amount.
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