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HOEPA

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AcronymDefinition
HOEPAHome Ownership and Equity Protection Act of 1994


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13) HOEPA creates a framework for the protection of borrowers taking out certain subprime mortgages, the precise details of which are then filled in and enforced by the Fed through Regulation Z.
HOEPA also prohibits disbursement of funds solely to a home-improvement contractor.
Although no new legislation for the reform of mortgage origination practices is expected before the November elections, the question remains whether a new administration will try to go beyond the recent reforms adopted by the Federal Reserve in its HOEPA final rule.
 
 
 
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