I am basically new to the compliance arena. As a trainee I've been asked to explain the difference or characteristics bewteen a covered loan, High-Cost Loan, and Section 32 loan. Is there any information someone can direct me to addressing this issue? My first inclination would be that these type of loans are relevant to 2nd mortgages or home equity loans. Thanks!

What state are you talking about? Different states have different definitions. In most states, high cost loans are the same as Section 32 loans. You may want to check some of the threads in Georgia, New Jersey, South Carolina, etc. for the particular definitions etc. you need.

I'm betting this is not state specific. I think the original poster should have put this in the Lending Forum.