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HOEPA Definition: Residential Mortgage Transaction
by Mary Beth Guard, BOL Guru

Question: On 10-1-2002 new rules for HOEPA went into effect. One of the exclusions (that would make a loan a non-HOEPA loan) is (2) (1) a residential mortgage transaction. Can I get a definition of this or a referral to the source of that definition?

Answer: The term "residential mortgage transaction" is defined in the definitional section of Regulation Z (Section 226.2) as follows:

"Residential mortgage transaction means a transaction in which a mortgage, deed of trust, purchase money security interest arising under an installment sales contract, or equivalent consensual security interest is created or retained in the consumer's principal dwelling to finance the acquisition or initial construction of that dwelling."

The original version appeared in the October 2002 edition of the Oklahoma Bankers Association Compliance Informer.

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