Answer from Jim: For RESPA, it sounds like both the 1st and 2nd would be temporary financing and therefore would both be exempt. I'm not sure about the HOEPA question.
Answer from Andy: If this is not an RMT transaction it may not fit under the exceptions.
This section does not apply to the following:
(i) A residential mortgage transaction.
(ii) A reverse mortgage transaction subject to Section 1026.33.
(iii) An open-end credit plan subject to subpart B of this part.
First published on BankersOnline.com 2/25/13