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HOEPA Disclosures & Closedend Home Equity Loans

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Is the HOEPA disclosure necessary for each and every closedend home equity loan or only the loans that meet the outlined criteria? Perhaps a better question would be this: do specific outlined criteria exist such that all the types of nonHELOC loans would ultimately fall under HOEPA?

No. HOEPA disclosures are only needed on consumer purpose refinance, home equity or home improvement loan, secured by the borrower’s principal dwelling and either:

  1. Exceed the maximum APR, or
  2. Exceed the maximum fee percentage.

First published on 9/22/03

First published on 09/22/2003

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