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Mortgage Protections.pdf

201301_cfpb_high-cost-mortgage-rule_what-it-means-for-consumers.pdf
Preview of Mortgage Protections
🔗 Source: files.consumerfinance.gov
📊 Size: 77 KB
👤 Author: CFPB
⬇️ Downloads: 216

Summary

The Home Ownership and Equity Protection Act (HOEPA) provides special consumer protections for high-cost mortgages, where the annual percentage rate (APR) or points and fees exceed certain thresholds. Starting in January 2014, lenders must provide information in advance, certify homeownership counseling, and adhere to stricter rules. A high-cost mortgage is defined as one with an APR more than 6.5 percentage points higher than the average prime offer rate, or with excessive points and fees. HOEPA limits or bans certain loan features, such as balloon payments, early payment fees, and excessive late fees. Consumers can report lenders not following the rules to the Consumer Financial Protection Bureau.

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Description

The Home Ownership and Equity Protection Act (HOEPA) provides special consumer protections for high-cost mortgages, where the annual percentage rate (APR) or...

Technical Information

  • File Format: PDF
  • File Size: 77 KB
  • Pages: 4
  • Language: EN
  • Author: CFPB
  • Total Downloads: 216
  • Last Updated: 1 month ago

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This PDF document about Mortgage Protections provides comprehensive information and guidance. Whether you're a beginner or advanced user, this resource offers valuable insights into Mortgage Protections.

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