RESPA & HOEPA Disclosures

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Question:

We understand if we have a Real Estate Loan which falls under HOEPA, we are required to give disclosures 3 days prior to closing. We also give the customer the initial disclosures required by RESPA within three days after receiving their application. If the disclosures we give under RESPA are identical to what HOEPA requires and these disclosures, (for example), are given two weeks prior to closing, would the RESPA Disclosures fulfill the HOEPA disclosure requirements?

Answer:

I'm not sure I understand. I'm not aware of any RESPA disclosures that could be identical to a HOEPA disclosure. You must provide the HOEPA disclosure (& they must be accurate at least 3 days prior to closing. If you give a HOEPA disclosure 2 weeks prior to closing, you are OK.

First published on BankersOnline.com 10/21/02