Click to return to BOL home page
Banker Store Read A Reg BOL Insiders Career Connect Learning Connect Bankers Information Network

   

















    Site Map

    Our Sponsors

    Home










Print Friendly! Email This Article! Discuss NOW!


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.

First published on BankersOnline.com



Home | Compliance | Lending | Operations | Security | Marketing | Technology | eBanking
BOL Archives    Privacy Policy    Important Disclaimer   Recommend This Site !   Contact Us


BankersOnline is a free service made possible by the generous support of our advertisers and sponsors. Advertisers and sponsors are not responsible for site content. Please help us keep BankersOnline FREE to all banking professionals. Support our advertisers and sponsors by clicking through to learn more about their products and services.