|Volume 2, Issue 2, 2002||Federal Reserve Bank of Dallas|
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Determining Coverage Under HOEPA
The Home Ownership Equity Protection Act (HOEPA) identifies a class of high-cost home equity loans through rate and fee triggers.
The regulation that implements HOEPA, Regulation Z, has undergone several changes, including how creditors determine if a loan is covered under the act. Compliance with the expanded HOEPA rules is mandatory as of Oct. 1, 2002.
Coverage under HOEPA will be determined in two ways:
See how the changes to Regulation Z affect high-cost home equity loans:
Full text of changes to Regulation Z:
e-Perspectives, Volume 2, Issue 2, 2002