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Changes to Regulation Z expand loans subject to HOEPA

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Author Info
Community Affairs Office
Abstract

Anecdotal evidence of abusive practices in the home equity lending market led to the enactment of the Home Ownership Equity Protection Act (HOEPA). The act was amended in late 2001, and compliance under the new rules becomes mandatory on Oct. 1, 2002. The rate-based trigger was lowered by 2 percentage points for first-lien mortgages, and the fee-based trigger was revised to include the cost of optional credit insurance and similar debt protection products paid at closing. Further, the amendments restrict certain acts and practices in connection with home-secured loans.

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File URL: http://dallasfed.org/ca/epersp/2002/2_2loans.cfm
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Publisher Info
Article provided by Federal Reserve Bank of Dallas in its journal E-perspectives.

Volume (Year): (2002)
Issue (Month): ()
Pages:
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Handle: RePEc:fip:feddep:y:2002:n:2

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Related research
Keywords: Regulation Z: Truth in Lending ; Home equity loans ; Consumer protection;

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This page was last updated on 2009-12-9.

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